Treasury Secretary Mahinda Siriwardana recently emphasized the need for a shift to data-driven, evidence-based policies to address the financial inequalities faced by women entrepreneurs.
Speaking at the National Adoption of Women Entrepreneurs Finance Code (WE Finance Code) event organized by the Asian Development Bank (ADB) in collaboration with the Department of Development Finance and the Ministry of Finance, Planning, and Economic Development, Siriwardana identified the lack of gender-disaggregated data as the primary barrier to effective financial inclusion for women-led businesses.
Siriwardana stressed that without accurate data, policymakers and financial institutions cannot identify key obstacles or design targeted financial products that meet the unique needs of women entrepreneurs. He highlighted the importance of data in monitoring progress, adjusting strategies, and creating more inclusive financial systems. “This data-driven approach will allow us to fine-tune our policies, introduce necessary reforms, and ultimately create a more inclusive financial system,” he stated.
The Treasury Secretary praised the WE Finance Code, which mandates banks and financial institutions to collect and report gender-disaggregated data to the Central Bank of Sri Lanka. He noted that the Central Bank will serve as the national aggregator for financial data, ensuring that policies are grounded in real, evidence-driven insights rather than assumptions.
Siriwardana called the WE Finance Code a game changer for women entrepreneurs, emphasizing its potential to create a transparent financial ecosystem and increase access to finance for women-led businesses. He also underscored that the initiative goes beyond financing and seeks to create a supportive regulatory environment, tailored financial products, and a systematic approach to tracking progress.
Additionally, Siriwardana highlighted the importance of boosting female labor force participation to enhance productivity growth in Sri Lanka. With women’s participation in the labor market at just 30%, he emphasized that increasing this figure would significantly drive sustained economic growth, which is critical for the country’s long-term economic, fiscal, and debt sustainability.
He concluded by stressing that the success of the WE Finance Code lies in a broader, data-driven policy approach across all sectors of the economy.