The Board of Directors of the World Bank group that recently discussed the Country Partnership Strategy (CPS) for Sri Lanka from 2012 to 2016 has decided to dramatically increase the resources available for Sri Lanka to achieve its ambitious development goals as a Middle Income Country (MIC).
The CPS captures key development goals identified by the Government of Sri Lanka and identifies three pillars that encapsulate these goals: facilitating private and public investment, supporting structural shifts in the economy and improving living standards and social inclusion, a media release from the office of the Word Bank in Sri Lanka said.
Diarietou Gaye, Country Director of the World Bank group for Sri Lanka and Maldives, has stated it is a privilege for the Bank to be part of the development efforts of the Government of Sri Lanka. It is also encouraging to partner with a government with a well articulated development vision. The task now is move from vision to actions on the ground.
Recognizing the ambitious goals and growth targets set in the development missions which are not easy to achieve, the Country Director has stated It will require important policy changes, modernization efforts and innovative strategies. It will also require a consolidation of social inclusion, peace and security, and consolidation of social inclusion, peace and security.
Identifying some challenges that could be constraints for the country to achieve growth ambitions it mentioned the need to improve the investments climate and increasing in efficiency of public spending.
Achieving the planned growth and development will also require structural shifts in the economy. Boosting international competitiveness and supporting the internal integration of the economy will also require a series of policy changes.
From a social stand point improving living standards and social inclusion warrants increasing the quality of services to be at an expected level of a MIC. Ensuring equitable access to high quality services is essential, the media release said.
“The CPS was produced after conducting extensive consultations with diverse groups of stake holders who belonged to different sectors, regions, gender and ethnicities. The summation of all these consultations helped us to identify what the country’s needs are and the challenges to achieve them too. It was a very satisfying experience for us and we hope World Bank can partner Sri Lanka to greater prosperity in the years to come,” said Susan Razzaz, Country Economist and Task Team Leader for the development of the CPS for Sri Lanka.