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ADB doing its best to support Sri Lanka achieve sustainable growth

Current reforms necessary for country to step out of the woods – Kadono

by Gayan Abeykoon
February 26, 2024 1:30 am 0 comment

The Asian Development Bank is doing its best to support Sri Lanka and believes that the reforms taking place is necessary for the country to bring itself out from the economic crisis and achieve sustainable growth opined, Country Director, Sri Lanka Resident Mission of the Asian Development Bank Takafumi Kadono at a media gathering called in Colombo recently.

He said they do recognize that it is a painful process and will be a long journey and ADB as a multilateral organization always will give priority to the interest of the people. Kadono said at the same time they would ensure that the government provides sufficient protection especially to the vulnerable and they also advocate for enhanced public engagement, communication and consultation as well which are important when such reforms are undertaken.

The Country Director said they project a slight growth in Sri Lanka economy in 2024. He said in 2023 the economy contracted year on year but in the 4th quarter there was an upward trajectory and they do believe that the upward trajectory will continue in 2024. He said ADBs Asian Development Outlook will be unveiled in April and there will be an updated forecast coming up in April.

Kadono said they were pleased to see tourists coming back, more remittances coming into the country and more effort must be taken to make that an engine of growth. He said brain drain is a huge issue that the country faces and the question is how to make the economy more attractive for them to come back.

He said they were planning a new program to help SMEs and it is expected to be approved in March.

“It will be in two parts, provision of working capital through participating financial institutions to SMEs that meet the criteria with focus on women entrepreneurs and the other half is support given to the government for the new credit guarantee institution.”

The Country Director said the ADB is also going through its own reform with reorganization.

Fizel Jabir

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