World Bank to push for inclusive and sustainable growth

The World Bank’s fouryear Country Partnership Framework (CPF) for Sri Lanka will aim at achieving greater prosperity for its people in line with the government’s vision for development.

“The Country Partnership Framework for Sri Lanka is prepared in close collaboration with government counterparts and through an extensive consultation process with beneficiaries,” Outgoing World Bank Country Director for Sri Lanka and the Maldives Françoise Clottes said.

The strategy emphasizes greater macro-economic stability, creating more and better jobs, improving Sri Lanka’s global competitiveness, investing in under-served people and areas, and promoting green growth, in line with the government’s vision for the country’s economy.

“This CPF will bring support, through knowledge work and investments, to the implementation reform agenda of the Government of Sri Lanka, while advancing the objectives of greater competitiveness, inclusion and sustainability,” she added. It draws on the priorities identified in an earlier World Bank analysis of the opportunities and challenges facing the country’s economy.

A World Bank statement revealed that the areas identified for support were those in which the World Bank Group has a comparative advantage and where there were opportunities to leverage the private sector to provide sustainable solutions to the country’s development challenges.

THE STRATEGY EMPHASIZES GREATER MACROECONOMIC STABILITY, CREATING MORE AND BETTER JOBS

“Through online consultations and face to face consultations in Matara, Jaffna, Batticaloa, Kandy and Colombo, the general public were able to participate in shaping the strategy,” it added.

The World Bank said that the CPF emphasis on support for improving living standards in the lagging regions, including the conflict affected areas of the Northern and Eastern regions, and strengthening education and training systems which were indispensable in promoting social inclusion.

“Additionally, the CPF focuses on balancing development with environmental conservation and enhancing resilience to climate change, which entails the protection and management of the country’s extraordinary natural assets for sustained growth,” it said.

CPF Task Team Leader and Operations Advisor Rolande Pryce said that better jobs for the bottom 40 percent of the population, and for vulnerable and neglected people were also a core tenant of the CPF.

“Improving gender equality and strengthening governance are two critical themes woven through the design of the Country Partnership Framework’s program of activities,” Pryce added.

The World Bank Group comprises the International Development Association, the International Bank for Reconstruction and Development, the International Financial Corporation and the Multilateral Investment Guarantee Agency.

The World Bank’s current portfolio consists of US$ 1.8 billion in financing commitments and IFC has a portfolio of private sector financing commitments of over US$ 230 million.