US$ 2bn World Bank-backed plan to power Sri Lanka’s next growth phase

The World Bank Group and the Government of Sri Lanka launched a new five-year Country Partnership Framework (CPF) to support Sri Lanka’s continued recovery, help achieve its 7 percent medium-term economic growth target, and support job creation.

“We are committed to building on the continued macroeconomic stability, strengthened governance and revenue-based fiscal consolidation that we have already achieved. Our goal is to confidently steer our economy towards strong, sustainable and inclusive growth. We are working towards an economic growth rate of over 7 percent in the medium term,” said President Anura Kumara Dissanayake. 

Private sector-led job creation is at the heart of the new partnership. Nearly one million young Sri Lankans are expected to enter the job market over the next decade. Without stronger growth and greater private investment, the economy will create only around 300,000 new formal jobs — leaving roughly 7 out of every 10 young job seekers without access to a quality job.

“Sri Lanka’s recovery over the past three years has been hard-won and impressive. This new partnership framework is designed to ensure that the benefits reach everyone,” said Johannes Zutt, World Bank Vice President for South Asia.”

By pairing public resources with private capital and innovation, we aim to help Sri Lanka create quality jobs, including for women, young people, and communities that have been left behind.”