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Sri Lanka and World Bank Group launch new partnership to create jobs ...
Partnership will mobilise significant resources from World Bank Group, including over $ 1 b in direct and mobilised investment over five years by IFC and up to $ 1 b in low-interest financing over next three years from World Bank World Bank’s Board of Executive Directors approves first major project under this framework: the Regional Empowerment through Vibrant, Inclusive, and Viable Economies Project, a $ 100 m investment in Northern and Eastern Provinces Partnership focuses on four key areas: Making it easier to do business, stronger infrastructure, more and better jobs in tourism and agriculture, and preparing for future climate shocks The World Bank Group (WBG) and the Government of Sri Lanka yesterday launched a new five-year Country Partnership Framework (CPF) to support Sri Lanka’s continued recovery, help achieve its 7% medium-term economic growth target, and support job creation. President Anura Kumara Dissanayake said: “We are committed to building on the continued macroeconomic stability, strengthened governance, and revenue-based fiscal consolidation that we have already achieved. Our goal is to confidently steer our economy towards strong, sustainable, and inclusive growth. We are working towards an economic growth rate of over 7% in the medium term. The WBG has been with us for more than seven decades. This partnership will further strengthen that relationship.” Private sector-led job creation is at the heart of the new partnership. Nearly 1 million young Sri Lankans are expected to enter the job market over the next decade. Without stronger growth and greater private investment, the economy will create only around 300,000 new formal jobs—leaving roughly seven out of every 10 young job seekers without access to a quality job. World Bank Vice President for South Asia Johannes Zutt said: “Sri Lanka’s recovery over the past three years has been hard-won and impressive. This new partnership framework is designed to ensure that the benefits reach everyone. By pairing public resources with private capital and innovation, we aim to help Sri Lanka create quality jobs, including for women, young people, and communities that have been left behind.” The partnership will mobilise significant resources from the WBG, including more than $ 1 billion in direct and mobilised investment over five years by the International Finance Corporation (IFC) and up to $ 1 billion in low-interest financing over the next three years from the World Bank. It will deploy t...
Sri Lanka and World Bank Launch Partnership to Boost Jobs and Private ...
You are here: Home / cat / Sri Lanka and World Bank Launch Partnership to Boost Jobs and Private Investment The World Bank Group and the Government of Sri Lanka have launched a new five-year Country Partnership Framework (CPF) aimed at supporting the country’s economic recovery, achieving a medium-term growth target of 7%, and creating more jobs through private sector development. Speaking on the initiative, Anura Kumara Dissanayake emphasized the government’s commitment to maintaining macroeconomic stability, strengthening governance, and advancing fiscal reforms. He noted that the country is working toward sustainable and inclusive economic growth, with the World Bank remaining a long-standing partner in Sri Lanka’s development journey. A key focus of the partnership is private sector-led job creation. With nearly one million young people expected to enter the workforce over the next decade, current projections suggest that without stronger economic growth and increased private investment, only about 300,000 formal jobs will be created—leaving a significant gap in employment opportunities. According to Johannes Zutt, Sri Lanka’s economic recovery in recent years has been notable, and the new framework aims to ensure that growth benefits all segments of society. By combining public funding with private capital and innovation, the initiative seeks to generate quality jobs, particularly for women, youth, and underserved communities. The partnership will mobilize substantial financial resources, including more than $1 billion in investments from the International Finance Corporation over five years, alongside up to $1 billion in concessional financing from the World Bank over the next three years. It will also utilize a range of instruments such as guarantees, advisory services, and private capital mobilization to support development efforts. Sarvesh Suri highlighted that Sri Lanka’s future growth will depend on a competitive and innovative private sector. He added that the country’s strategic location and skilled workforce position it well to expand its regional economic role. The CPF focuses on several priority areas, including improving the business environment by simplifying regulations, modernizing trade systems, and digitizing public services to attract investment and support the goal of doubling exports to $36 billion by 2030. It also emphasizes strengthening infrastructure, with plans to expand the capacity of the Port of Colombo and increase renew...
World Bank and Sri Lanka launch five-year plan for economic growth
A new five-year Country Partnership Framework (CPF) was launched by the World Bank Group and the Government of Sri Lanka to bolster the nation's recovery, target a 7% medium-term economic growth ...
Finance Ministry clarifies fiscal considerations of public sector ...
The Finance Ministry has released a detailed clarification regarding the fiscal considerations of the proposed adjustments to the public sector salary structure in response to various views, including numerous misconceptions, expressed in print, broadcast and social media in the recent past on public sector wages. ..
