Rs. 3,000 million allocated to accelerate Sri Lanka’s digital economy

In a move to boost Sri Lanka’s digital economy, the government has proposed an allocation of Rs. 3,000 million, President Anura Kumara Dissanayake announced today. 

Delivering the 2025 Budget Speech in Parliament, he outlined that a key priority of this initiative is the establishment of the Sri Lanka Unique Digital Identity System for all citizens. 

Dissanayake said this system will serve as essential digital infrastructure for economic growth and is expected to be completed soon, laying a solid foundation for further digitalization efforts.

Additionally, the government is enacting new laws to accelerate the digital economy and is working towards the establishment of a high-level digital economic authority, similar to other specialized institutions in the digital sector, he said.

To ensure the security of digital transactions, the government is strengthening laws related to cyber security, data privacy, and data protection, according to the President.

Furthermore, he emphasized that efforts are being made to promote digital payments, with initiatives such as the recently launched ‘GovPay’ platform. The government aims to gradually reduce reliance on cash, taking care not to disrupt the economy.

“The ultimate goal is to grow Sri Lanka’s digital economy to over US$15 billion, or more than 12% of the national economy, within the next five years,” President Dissanayake stated. 

He also added that the government aims to increase annual export earnings from the computer and information technology industry to US$5 million in this period.