Colombo: The World Bank Group (WBG) has announced its plans to update the Country Partnership Framework (CPF) for Sri Lanka, setting the stage for development initiatives over the next five years. Aiming to engage a wide array of stakeholders, the WBG is reaching out to government representatives, development partners, civil society, think tanks, academia, and the private sector for their insights and feedback.

According to World Bank, the update of the CPF is crucial for enhancing Sri Lanka’s business environment and investment landscape. The strategy focuses on supporting fiscal and financial sector stability, improving governance, and addressing constraints that hinder private capital mobilization. Key areas of improvement include tax and trade policies, along with reforms to enhance land and labor markets, and access to finance.

The CPF update also aims to bolster infrastructure and skills to boost competitiveness. Plans to modernize ports and logistics, particularly the expansion of the Port of Colombo, are underway. There is also a push to facilitate renewable energy investments and infrastructure upgrades. Promoting market-relevant skills and entrepreneurship, especially among women, is another priority.

Creating jobs in tourism, agri-business, and underserved regions is a significant component of the strategy. By increasing value from tourism and supporting rural employment through export-oriented agri-businesses and niche manufacturing, the WBG hopes to stimulate economic growth. Strengthening infrastructure and value chains in underserved areas, such as the Northern and Eastern Provinces, is also a focus.

A cross-cutting priority of the CPF update is building resilience to shocks, including enhancing climate resilience and community-level adaptation. The WBG also aims to strengthen social protection and expand access to healthcare and nutrition services, thereby contributing to Sri Lanka’s inclusive, resilient, and sustainable economic growth.

The WBG is actively seeking public input on these proposed priorities and initiatives. Key questions include whether the current focus areas align with Sri Lanka’s development needs, how to effectively implement the CPF, and ways to strengthen partnerships to address development challenges. The WBG emphasizes the importance of systematic engagement and feedback from stakeholders throughout the CPF’s implementation.