State Minister of Finance Shehan Semasinghe emphasized the crucial role of the Asian Development Bank (ADB) in bridging Sri Lanka’s finance gap, speaking to Daily News Business during the Annual Meeting of ADB’s Board of Governors in Tbilisi, Georgia. He highlighted the urgent need for ADB’s assistance, particularly in supporting the SME sector and the tourism industry, both severely impacted at present. These sectors, along with infrastructure development, are deemed critical, and the minister expressed intentions to seek increased funding from ADB for these areas.
Minister Semasinghe noted that Sri Lanka’s inclusion in a globally accepted framework based in the country would facilitate easier support from multilateral institutions like ADB. He emphasized the importance of taking initial steps towards economic stabilization, cautioning against deviations from the reform process, which could lead to severe repercussions. He stressed the government’s commitment to continuing these reforms, citing 2022 as a benchmark for progress and urging the public to consider the impact of any reversals or deviations from reform efforts.
Meanwhile, the Asian Development Bank’s 57th Annual Meeting in Tbilisi, Georgia, has convened to address key development challenges in Asia and the Pacific, including topics such as climate change, artificial intelligence, and green globalization. Participants from various sectors are engaged in discussions aimed at tackling these pressing issues for the region.