State Minister of Finance Shehan Semasinghe highlighted Sri Lanka’s proactive measures over the past two years to address its economic challenges, speaking at the Asian Development Bank (ADB) Governor’s Business Sessions in Tbilisi. He emphasized the country’s commitment to necessary reforms, including an extended fund facility with the IMF and support from ADB and the World Bank, which have contributed to stabilizing the economy and improving key indicators such as fiscal conditions, foreign exchange reserves, external balances, currency appreciation, and inflation reduction.
Semasinghe underlined the importance of collaborative strategies to address future challenges, including inequality, poverty, climate change impacts, regional conflicts, and volatile commodity prices. He commended ADB’s commitment to climate finance, noting the significant role it plays in helping developing economies reduce carbon footprints and mitigate climate change effects, especially on vulnerable populations in the Asia-Pacific region.
The Minister emphasized ADB’s role in providing knowledge, expertise, and support for sustainable and inclusive development, particularly in aligning member countries with global development agendas amidst rapid technological advancements. He expressed gratitude for ADB’s assistance during Sri Lanka’s economic recovery and stabilization efforts, acknowledging the challenges faced in 2022 and the bank’s significant support during that critical period.