The upgrade of Sri Lanka’s sovereign rating by Fitch Ratings from ‘CCC+’ to ‘B-’, with a Stable Outlook, reflects the continued progress in macroeconomic stabilisation and reforms, says the Governor of the Central Bank of Sri Lanka (CBSL) Dr. Nandalal Weerasinghe.
He stated that following the severe economic crisis in Sri Lanka, the restoration of macroeconomic stability has provided a stronger foundation for the next phase of development for the country.
“This progress has also been recognised by the upgrade of Sri Lanka’s sovereign rating by Fitch Ratings to ‘B-’ from ‘CCC+’, with a Stable Outlook, announced yesterday, reflecting the continued progress in macroeconomic stabilisation and reforms.”
“The focus now is on transforming this stability into sustainable investment, higher productivity, and long-term growth,” he said, speaking at the 49th Annual General Meeting of the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) on Wednesday.
In this regard, Weerasinghe said that Sri Lanka is strengthening its financing architecture for a more resilient and sustainable economy.
The Governor further said that the Central Bank has also supported the development of a more efficient and accessible digital payments ecosystem, including initiatives such as LANKAQR and GovPay, in collaboration with other stakeholders.
He stressed that these initiatives are helping to expand access to digital payment systems for individuals, businesses, and government services, while supporting greater efficiency, inclusion, and participation in the formal economy.
Importantly, Sri Lanka has also taken steps to strengthen the regional integration of its national payment infrastructure, the CBSL chief highlighted.
He said the integration of LANKAQR with regional and international payment platforms, including UnionPay, UPI, Alipay+, WeChat Pay and NepalPay, enables tourists to make convenient payments at local LANKAQR participating merchants and strengthens Sri Lanka’s connectivity with regional markets.
The National Payment System Roadmap 2026–2027 also provides a framework for further developing a secure, efficient, inclusive, and globally connected payment system, he pointed out.
“Looking ahead, stronger partnerships will be important in converting Sri Lanka’s economic stability into sustainable growth.”
By working together, policymakers, DFIs, financial institutions, and the private sector can help mobilise investment, strengthen competitiveness, and enable Sri Lanka to engage more deeply with regional markets, Weerasinghe said.
