Economy

World Bank Group president to visit Sri Lanka after 20 years

Published

11 months ago

May 7, 2025

Ajay Banga is visiting Sri Lanka, marking the first presidential visit to the country by a World Bank Group president in nearly 20 years. The visit comes at a critical moment, as Sri Lanka continues its path toward economic recovery and seeks to build a more resilient, inclusive, and private sector-led future.

The visit follows an invitation from President Anura Kumara Dissanayake, extended during a congratulatory call between the two leaders shortly after his appointment last November.

Mr. Banga’s trip reflects the strong and enduring partnership between the World Bank Group and Sri Lanka, which spans more than 70 years. His visit will focus on supporting job creation, boosting private investment, and driving an inclusive and sustainable economic recovery for the country.

While in Sri Lanka, Mr. Banga will meet with President Dissanayake, Prime Minister Harini Amarasuriya, and senior government and private sector leaders. These discussions will center on how Sri Lanka can overcome current challenges and seize new opportunities as it continues to recover economically and socially.

The World Bank Group currently supports Sri Lanka through a portfolio of projects worth $2.2 billion, including both public and private sector investments. Recent World Bank reports have noted Sri Lanka’s progress but also stressed the importance of tackling poverty and maintaining reform momentum to ensure long-term success.

Economy

Sri Lanka literacy hits record 97.4%, gender gap closes for first time

Published

4 hours ago

April 12, 2026

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Sri Lanka has achieved a historic education milestone, with literacy rising to 97.4% in 2024, up from 95.7% in 2012.

For the first time since 1881, the literacy gender gap has closed, with males at 97.9% and females at 97.0%.

Digital literacy has reached 67.6%, while computer literacy stands at 34.7%, highlighting Sri Lanka’s growing digital transformation.

Economy

$ 900 m in four months: Port City Colombo signals new investment era

Published

1 day ago

April 11, 2026

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From November 2025 to March, Port City Colombo secured approximately $ 900 million in investments, an almost unprecedented surge for a project that had seen gradual traction in its early years amid broader macroeconomic challenges. The timing is not accidental.

After a prolonged period marked by the Easter Sunday attacks, the global shock of the COVID-19 pandemic, and Sri Lanka’s economic collapse, the project remained largely in a holding pattern.

International marketing efforts began to gain momentum from late 2025 onwards, as conditions began to stabilise.

“The macro story had to align first,” Aluwihare explained. “You cannot market a country when the fundamentals are unstable. Now, we are seeing recovery, policy alignment, and growing confidence, and we are finally seeing the results.”

From real estate to a ring-fenced financial ecosystem

Port City Colombo’s most significant transformation has been conceptual rather than physical. Originally envisioned as a waterfront real estate development, it has evolved into a fully ring-fenced services export Special Economic Zone (SEZ), enabled by the Colombo Port City Economic Commission Act.

Economy

Sri Lanka’s Official Reserves fall 3.5%in March – CBSL

Published

3 days ago

April 9, 2026

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Sri Lanka’s Official Reserve Assets have decreased by 3.5% to USD 7,019 million in March 2026, according to the latest data of the Central Bank of Sri Lanka.

The CBSL states that the decrease is from USD 7,270 million reported in February 2026.

The CBSL further states that the figure for March includes the swap arrangement with the People’s Bank of China.