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

He added, “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.”

Data indicates a significant decline in Sri Lanka’s inflation from 69.8% to 4.0% between September 2022 and December 2023. Foreign exchange reserves have surged to $4.4 billion in 2023 from $1.9 billion in 2022. Economic growth in Sri Lanka returned to positive territory in the second half of 2023, with this momentum expected to persist.