By: Isuru Parakrama
November 28, Colombo (LNW): On the 27th of November, a virtual meeting was held between Sri Lankan President Anura Kumara Dissanayake and Mr. Ajay Banga, the President of the World Bank Group, to explore the future development trajectory of Sri Lanka.
The discussion, which took place at the Presidential Secretariat, focused on identifying key areas for collaboration in promoting long-term economic stability and growth.
In the meeting, Mr. Banga underscored the World Bank’s ongoing commitment to addressing critical development challenges across the globe, with particular emphasis on fostering job creation.
He also highlighted the bank’s role in providing both financial and technical support to Sri Lanka, aimed at driving innovation and transforming various sectors vital to the nation’s development.
These areas include education, healthcare, social protection, and broader economic prosperity.
The World Bank’s support, according to the statement from the President’s Media Division, would extend beyond immediate financial assistance to encompass vital aspects such as enhancing Sri Lanka’s economic policy, bolstering investments, improving competitiveness, strengthening institutions, and reducing poverty.
Additionally, the World Bank aims to assist in advancing agriculture, water resource management, and addressing climate change.
Sustainability efforts are also a major priority, with a focus on environmental preservation, social inclusion, infrastructure development, and the digitisation of various sectors to ensure comprehensive and inclusive growth.
During the talks, President Dissanayake outlined the Sri Lankan government’s concerted efforts to alleviate poverty, particularly in rural areas.
He emphasised the importance of improving government revenue by leveraging digital technologies, as well as reinforcing strategic sectors such as tourism, maritime industries, state-owned enterprises (SOEs), and energy, with particular focus on encouraging foreign investment in power generation projects.
The President also shed light on the government’s initiatives to promote regional development in the Northern and Eastern provinces. He stressed the need for enhanced educational and healthcare systems, alongside more targeted efforts in human resource development.
Furthermore, Dissanayake pointed out the growing necessity of aligning vocational education with academic learning to equip the future workforce with the skills needed to meet evolving industry demands, particularly in these regions.
Banga shared the exciting news that Sri Lanka has been selected as one of only 20 countries globally to host the new integrated South Asia office. The office is set to open in July 2025, as part of a broader initiative to strengthen the World Bank Group’s global network.
This new office will facilitate better coordination among the bank’s four main arms—the International Bank for Reconstruction and Development (IBRD), the International Development Association (IDA), the International Finance Corporation (IFC), and the Multilateral Investment Guarantee Agency (MIGA)—to streamline efforts and improve development outcomes in the region.
The meeting was also attended by Deputy Minister of Economic Development, Prof. Anil Jayantha, and Deputy Minister of Finance and Planning, Dr. Harshana Suriyapperuma, both of whom participated in the fruitful discussions.
