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ADB FORGES NEW PARTNERSHIP STRATEGY WITH SRI LANKA

On Tuesday, the Asian Development Bank (ADB) said it launched a new country
partnership strategy for Sri Lanka from 2024 to 2028.



News Agency of Nigeria • March 19, 2024

Asia Development Bank (Credit: ADB)

On Tuesday, the Asian Development Bank (ADB) said it launched a new country
partnership strategy for Sri Lanka from 2024 to 2028.



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According to the ADB, the focus is on restoring the country’s macroeconomic
stability, reviving growth, and establishing the foundation for sustainable
recovery and resilience.

The ADB said Sri Lanka showed signs of stability and recovery from a deep
economic crisis.

Data showed that Sri Lanka’s inflation significantly declined from 69.8 per cent
to 4.0 per cent between September 2022 and December 2023.

Foreign exchange reserves increased to $4.4 billion in 2023 from $1.9 billion in
2022.

“Sri Lanka’s economic growth returned to positive territory in the second half
of 2023, and that momentum is likely to continue,” the ADB said.

It said its assistance under the new CPS for Sri Lanka would strengthen public
financial management and governance, foster private sector development, promote
green growth and improve access to climate-smart public services.

The new CPS supported the South Asian country’s efforts to tackle the key
underlying causes of the crisis, including reforming the public financial
management system and strengthening governance.

It also accelerated domestic resource mobilisation and improved fiscal and debt
sustainability, as well as measures to improve the performance of state-owned
enterprises.

(Xinhua/NAN)







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