Japan provides Rs. 111 mn for AFS

Japan approved the extension by two years, as requested by the Sri Lankan Government of the financing of the capacity development program in Sri Lanka through the Academy of Financial Studies (AFS), a statement from the Japanese embassy said. The amount to be utilized in this period is approximately Rs.111 million.

The program is aimed at institutionalizing and enhancing the capacity of AFS, the training arm of the Ministry of Finance established in January 2013. Japan recognizes the paramount importance of enhancing institutional capacity of the public sector in the transformation of Sri Lanka as an upper-middleincome economy.

Since the first financing approval in 2014, this institution has vitalized the intellectual exchanges between Japan and Sri Lanka, such as organizing seminars at the AFS imparting knowledge on areas of specific importance to the public sector. The institution has also provided practical training programs for public employees to render their services more efficiently and effectively. AFS, during the last two and a half years, has expanded its delivery of Capacity Building Programmes to a larger segment of employees in the Ministry of Finance and its subsidiaries. More than 33,000 public officials including those of the Ministry of Finance and other key institutions have been benefited through this Grant.

Japan intends to combine assistance through various channels to support this program so that AFS will be better equipped with the improved capacity to design, propose, execute and evaluate national economic and fiscal policies towards promoting investment and economic development for the benefit of the people of Sri Lanka.

Through the aggregate project period, around 8,500 managerial staff will benefit through training covering the diverse areas of significance including economic policy, fiscal policy, planning, accounting, revenue administration and related information technology.

Japan hopes that this assistance will develop AFS as a center of knowledge and excellence for the public finance sector officials in Sri Lanka and continue to acquire regional recognition.