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New ADB ‘Partnership Strategy’ for Sri Lanka announced

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Takafumi Kadono

USD 25.6 mn in private sector investments and USD 3.7 mn in state sector loans

MANILA, PHILIPPINES (19 March 2024) —The Asian Development Bank (ADB) has launched a new country partnership strategy (CPS) for Sri Lanka covering the period 2024–2028. The strategy will focus on restoring the country’s macroeconomic stability, reviving growth, and establishing the foundation for sustainable recovery and resilience.

“This new partnership strategy will build on ADB’s ongoing assistance to support the country’s efforts to restore macroeconomic stability, and to achieve green and long-term sustainable growth,” said ADB Country Director for Sri Lanka Takafumi Kadono.”

As of the end of December 2023, ADB had committed more than $3.7 billion in 45 public sector loans and grants in Sri Lanka, as well as $25.6 million in private sector investments.

The CPS responds to Sri Lanka’s economic situation by tailoring ADB assistance to address the country’s long-standing macroeconomic imbalances and structural impediments through knowledge solutions, policy advisory support, and priority investments.”

Sri Lanka is showing signs of stability and recovery from a deep economic crisis. Data shows that Sri Lanka’s inflation significantly declined from 69.8% to 4.0% between September 2022 and December 2023. Foreign exchange reserves have increased to $4.4 billion in 2023 from $1.9 billion in 2022. Sri Lanka’s economic growth returned to positive territory in the second half of 2023 and that momentum is likely to continue.

ADB’s assistance under the new CPS for Sri Lanka will focus on three strategic objectives: strengthening public financial management and governance; fostering private sector development promoting green growth; and improving access to climate-smart public services and deepening inclusion. Three thematic priorities—climate action, disaster resilience and environmental sustainability; gender equality and social inclusion; and governance, capacity development, and digitalization—will be integrated into the new CPS strategic objectives.

The new CPS will support the country’s efforts to tackle the key underlying causes of the crisis. ADB will focus on reforming public financial management system, strengthening governance, accelerating domestic resource mobilization, and improving fiscal and debt sustainability, as well as measures to improve the performance of state-owned enterprises.

The strategy recognizes the critical role of the private sector in the country’s recovery and long-term economic growth. Structural reforms to promote greater private sector participation in the economy and diversify the economy with emphasis on green and sustainable growth will be supported under the new strategy. ADB will continue to support financial inclusion and small and medium-sized enterprises development, especially those managed by women, and provide advisory and capacity building support to promote trade and investment. The strategy aims to improve access to climate-smart public services and deepen inclusion through strengthening social protection and human capital development and fostering agriculture modernization.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members—49 from the region.



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Development Officers threaten to intensify their protest

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Protesting Development Officers continued their hunger strike near the Presidential Secretariat, Colombo yesterday (01), for the seventh consecutive day.The protesters, who are members of the Lanka School Development Officers’ Association, are demanding that they be absorbed into the teacher service as they have served as teachers in state-run schools for nearly seven years.

Secretary of the Association, Viraj Manaranga, said the protesters were seeking an urgent meeting with the President. He added that a presidential aide had visited the protest site and offered to arrange for a meeting with the President on 03 Feb., but the union insisted on an earlier date. Manaranga warned that failure to grant a meeting could trigger a massive protest in Colombo today (02).

Four officers participating in the hunger strike have been hospitalised due to deteriorating health, while two more joined the fast on Saturday (31).

In a bid to raise awareness of their grievances, on 30 January a delegation of the All Island Development Officers’ Association visited Most Venerable

Warakagoda Sri Gnanarathana Thera, Mahanayake of the Asgiriya Chapter, and subsequently with the Chapter’s Registrar, Ven. Dr. Medagama Dhammananda Thera. The prelates said promises that had been made to them should be fulfilled.

The protest began on 26 January as a satyagraha, after authorities failed to respond to repeated requests to integrate the officers into the teaching service. The escalation into a fast-unto-death underscores the protesters’ frustration over the prolonged delay

by Pradeep Prasanna Samarakoon

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Auditor General to be appointed tomorrow

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Bimal

The long-vacant post of Auditor General would be filled on 03 Feb., after months of controversy and delays, Minister of Transport, Highways and Urban Development Bimal Rathnayake said on Friday (31) in Kandy.

The Constitutional Council met at the Parliamentary complex on Friday to discuss the appointment but failed to reach a decision on a suitable candidate. The President had previously proposed four names on four separate occasions, all of which were rejected. The Council is now set to consider the fifth nominee.

The post has remained vacant since April 2025, following the retirement of Chulanta Wickramaratne, who served as the 41st Auditor General. More than 10 months have passed without a permanent appointment.

Sources said a female officer in the Auditor General’s Department has been nominated again, though her previous recommendation was rejected due to some allegations against her.

Meanwhile, senior audit officer Dharmapala Gammanpila, with 31 years of service and the department’s most senior official, has received backing from the Mahanayake Theras of the three Nikayas, the Maha Sangha, and several civil society groups for appointment as the 42nd Auditor General.

Sources noted that the three civil society representatives on the Constitutional Council will play a crucial role in the final decision.

by Chaminda Silva and SK Samaranayake

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Two arrested for aiding and abetting murder

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Two 18-year-old youth were arrested by the Southern Division of the Western Province Crime Division on 31 January for allegedly aiding and abetting two murders carried out in Dehiwala and Kohuwala. ICE (crystal meth) was found in their possession at the time of arrest.

The suspects are residents of Mount Lavinia and Boralesgamuwa, according to the police. They are accused of having helped carry out a murder at a hotel in the Dehiwala Police Division on 9 January, 2026, and an attack on a person travelling in a three-wheeler at Bodhiyawatta, Kohuwala, on 12 December, 2025.

Police said the charges included sending photographs of the victims to a criminal living overseas.

Investigations revealed that the youth had acted under the direction of a criminal known as Sando.

Under the guidance of Janaka Kumara, Director of the Southern Division of the Western Province Crime Division, investigations are being led by Police Inspector Hemanta Kumara, assisted by Sub-Inspectors Prasanna Gunathilaka and Prasanna (40248), and Constables Chaminda (72987), Anil (79598), Kumar (88762), and Senanayake (19363), who are continuing the probe.

by Norman Palihawadane and Chaminda Silva

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