Sri Lanka thanks ADB for “being a massive strength”

Stresses ADB support helped SL to enhance stability and set stage for economic recovery and growth after back-to-back shocks in 2022 At ADB's 58th Annual Meeting advocates country-focused approaches to match global development agenda

- BY NISTHAR CASSIM

SRI Lanka on Monday saluted the Asian Development Bank (ADB) for “being a massive strength” during and post-crisis thereby enabling stability followed by recovery and growth.

The expression of appreciation was at the opening day of ADB's 58th Annual Meeting in Milan, Italy. “The Government of Sri Lanka is thankful to ADB for the assistance and guidance provided to Sri Lanka in the country’s economic recovery process as well as in the economic stabilisation process and for being a massive strength to us throughout our most difficult phase in 2022,” Sri Lanka’s Alternate Governor in ADB and Treasury Secretary Mahinda Siriwardana said during the meeting.

Siriwardana was representing Sri Lanka at the ADB meeting in the absence of President and Finance Minister Anura Kumara Disanayake and/or State Minister of Finance Dr. Harshana Suriyapperuma.

Siriwardana in his remarks recalled that back-to-back shocks and some policy missteps degenerated the macroeconomic conditions, resulting in major hardships across all sectors of the economy and society as a whole.

The ADB Annual Meeting which concludes today was told that Sri Lanka took decisive remedial measures during the last 3 years and decided to undertake difficult yet necessary reforms as corrective measures to emerge from an unbearable economic crisis.