ADB launches Sri Lanka Country Partnership Strategy

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During the recent launch of the Asian Development Bank’s (ADB) Sri Lanka Country Partnership Strategy (CPS) 2024-2028 in Colombo, Takafumi Kadono, Country Director of ADB’s Sri Lanka Resident Mission, emphasised ADB’s commitment to enhancing Sri Lanka’s competitiveness over the next five years. Kadono highlighted the shift in ADB’s programme orientation from traditional project financing towards budget support, particularly focusing on policy reforms and sectors undergoing or awaiting reforms such as power, finance, water, tourism, agriculture, public fiscal management, capital markets, trade, and investment.

In line with this approach, ADB aims to provide $ 300-400 million annually in budget support, contingent upon progress in reforms and alignment with the International Monetary Fund (IMF) programme.

ADB intends to bring Lanka to a more competitive level through the ADB Sri Lanka Country Partnership, underlined Country Director, Sri Lanka Resident Mission ADB at the launch of ADB’s Sri Lanka Country Partnership Strategy.
Overarching objective of the CPS is fostering sustainable recovery, building resilience, and reviving growth in Sri Lanka.

Kadono acknowledged the significant strides made in reforms thus far but stressed the need for realistic expectations and sustained momentum to prevent reform fatigue.

Addressing the low Foreign Direct Investment (FDI) contribution to Sri Lanka’s GDP, Kadono advocated for a more favourable investment climate to attract both domestic and foreign investors effectively.

The overarching objective of the CPS is to foster sustainable recovery, resilience building, and growth revival in Sri Lanka.

The CPS prioritises climate action, disaster resilience, environmental sustainability, gender equality, social inclusion, governance, capacity development, and digitalisation. These priorities will be pursued through strategic objectives such as strengthening public financial management and governance, promoting private sector development for green growth, and enhancing access to climate-smart public services while deepening inclusion.

Aligned with Sri Lanka’s national priorities, global commitments like the Paris Agreement and Sustainable Development Goals (SDGs), ADB’s Strategy 2030, and shifts towards climate and private sector considerations, the CPS sets a comprehensive roadmap for ADB’s engagement in Sri Lanka’s development trajectory.

Fibre2Fashion News Desk (DR)




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