Home » World Bank Commends Sri Lanka’s Progress on Economic Reforms

World Bank Commends Sri Lanka’s Progress on Economic Reforms

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The World Bank’s Regional Vice President for South Asia, Martin Raiser, has praised the progress made by Sri Lanka on fiscal, financial and economic governance reforms. Raiser made the comments during a meeting with a Sri Lankan delegation, led by Finance State Minister Shehan Semasinghe, Treasury Secretary Mahinda Siriwardana and Central Bank Governor Dr. Nandalal Weerasinghe, on the sidelines of the Spring Meetings of the International Monetary Fund (IMF) and the World Bank Group in Washington DC. During the meeting, Raiser and the Sri Lankan delegation discussed the country’s reform initiatives, including the transformation to a digital economy, progress on targeted social safety nets, and cooperation on renewable energy. The two sides also talked about supporting export-oriented small- and medium-scale businesses. Raiser stressed the importance of transparency for the success of reforms, particularly social protection measures aimed at protecting vulnerable people. He expressed delight at Sri Lanka’s progress on fiscal, financial and economic governance reforms but noted that continued efforts were necessary for a full recovery of the country’s economy. The World Bank official reiterated the bank’s support for Sri Lanka through ideas and financing. The Sri Lankan delegation also met with Assistant Secretaries of the US State Department, Donald Lu and Ramin Toloui, to discuss mutual interests and the US commitment to the island’s economic recovery and reform process. State Minister Semasinghe also had a productive meeting with IMF Deputy Managing Director Kenji Okumura, who appreciated the Sri Lankan government’s commitment to meeting the first review targets and completing debt treatment negotiations as quickly as possible.
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