World Bank praises Sri Lanka’s debt restructuring and 2025 Budget Plan

The World Bank’s South Asia Regional Director, Prosperity Practice Group, Mr. Mathew Verghis has met with the Secretary to the Prime Minister, Mr. Pradeep Saputhanthri, at the Prime Minister’s Office. 

Discussions focused on Sri Lanka’s current economic outlook, ongoing reforms, and potential areas for enhanced collaboration between the World Bank and the Government of Sri Lanka, according to the PM’s Media Division.

During the discussions, the World Bank delegation expressed appreciation for the progress made in Sri Lanka’s debt restructuring process and commended the government’s recent Budget Speech - 2025 as a positive step towards economic recovery. 

They underscored the importance of effective policy implementation and highlighted the Prime Minister’s Office’s crucial role in ensuring seamless interagency coordination.

Mr. Saputhanthri provided an overview of the government’s key priorities, emphasizing that the proposed budget of 2025; focuses on economic stability, good governance, and sustainable development, the statement said. 

He outlined the government’s commitment to promoting investment, facilitating trade, and driving digital transformation. He Further highlighted that addressing the socio-economic challenges faced by vulnerable populations and maintaining a firm stance against corruption are among the government’s top priorities. 

The Secretary also emphasized the importance of strengthening logistics for Small and Medium-sized Enterprises (SMEs) and the agricultural sector, with particular attention to the development of health, education, and tourism sectors. 

The discussion also covered the government’s focus on legal reforms to support these initiatives, it added.

The meeting was attended by senior government officials, including Sagarika Bogahawatta, Additional Secretary to the Prime Minister, and Mr. T.A.D.D. Premarathna, Additional Director General of the External Resources Department, in addition to the representatives of the World Bank’s Sri Lanka office.