Sri Lanka devises digital economic strategy with McKinsey assistance

Sri Lanka is devising a digital economic strategy with the assistance of a worldwide management consulting firm in order to successfully face future economic and social challenges, official sources said.

A digital economy refers to an economy that is based on digital computing technologies.

This ambitious initiative fundamentally seeks to ensure that public financial services are made available to citizens, in electronic form, by improving online infrastructure and increasing Internet connectivity.

A Cabinet appointed negotiation committee will be set up for procuring McKinsey & Company, a worldwide management consulting firm, as an external consultant at a fee of US$1.5 million for approximately 11 weeks.

This was revealed at the recent Cabinet Committee on Economic Management (CCEM) meeting where it was suggested that this consulting firm should prioritize and launch one or three flagship programmes and prepare project charters for up to 10 projects.

McKinsey & Company conducts qualitative and quantitative analysis in order to evaluate management decisions across the public and private sectors.

The digital economic strategy is to be developed through the collaborative efforts of the Ministries of Telecommunications and Digital Infrastructure and Development Strategies and International Trade.

An additional budgetary allocation of $1.7 million will be made to the Ministry of Telecommunications and Digital Infrastructure for the consulting cost and maintaining the coordinating