ADB Approves US$ 100 Mn for Sri Lanka's Macroeconomic Resilience 📈

• The Asian Development Bank (ADB) has approved a US$ 100 Mn financing package to build on Sri Lanka’s progress toward macroeconomic stability and achieve sustainable growth. • The program is designed to strengthen fiscal governance and promote an efficient, accountable, and resilient public sector, focusing on three key reform areas: • Enhancing efficiency and transparency in public expenditure management and optimizing resource allocation. • Improving revenue mobilization through stronger domestic and international tax compliance, including a new multiyear tax compliance strategy. • Fostering private sector participation by developing a legal framework for Public-Private Partnerships (PPP) and mobilizing climate finance and private investment. • The financing will also strengthen the management, transparency, and accountability of State-Owned Enterprises (SOE), supporting the implementation of an SOE credit risk framework. • First-time initiatives supported include: a comprehensive Fiscal Risk Statement, a climate finance strategy, and reforms addressing gender gaps through SDG budget tagging and public procurement changes.