COLOMBO (NewsRadio); World Bank Vice President for South Asia Martin Raiser says Sri Lanka’s economic crisis is an opportunity for fundamental reforms, and it should not be wasted.
The World Bank Vice President for South Asia also noted that the international financial institutions can help but quick and decisive action is needed on debt relief.
World Bank Vice President for South Asia, Martin Raiser, concluded a three-day visit to Sri Lanka today, underscoring the need for urgent action to reverse the deep crisis through long overdue reforms.
He prioritized debt relief, reform actions based on consensus, and well-targeted measures to protect the poor.
During the visit, Raiser met with President Ranil Wickremesinghe, Prime Minister Dinesh Gunawardena, and other senior officials to discuss the government’s priorities for Sri Lanka’s recovery and key areas for World Bank support.
Martin Raiser said, “While government reform action is urgent, its success will depend on strong economic, social and political consensus as the reforms will require everyone to adjust – companies, workers, and taxpayers. We also must not forget about the people who will need help with the adjustment and protect the poor and vulnerable.”
A high-level roundtable organized by the Office of the President, focusing on the government’s reform agenda and sustainable and equitable economic growth for the country, was also part of the visit.
The discussion focused on key reform priorities to inform future collaboration and support from international partners, including the World Bank, International Monetary Fund, Asian Development Bank, Asian Infrastructure Investment Bank, and other development partners.
During his remarks at the Sri Lanka Economic Summit 2022 organized by the Ceylon Chamber of Commerce, Raiser emphasized improved economic governance, stronger private sector competition, and better targeted social protection as three priorities for Sri Lanka to reset from turmoil to opportunity.
He highlighted private-sector job creation as an important driver of growth and stressed the importance to preserve human capital as the main asset of society.
Raiser also met with representatives of the civil society, private sector, and development partners and visited a World Bank-supported agriculture project in Divulapitiya.
