Sri Lanka

Reforms Sri Lanka needs to boost its economy

Reforms Sri Lanka needs to boost its economy

The Colombo Stock Exchange. Credit: Joe Qian/World Bank

Many Sri Lankans understand the potential benefits of lowering trade costs and making their country more competitive in the global economy. The majority, however, fear increased competition, the unfair advantage of the private sector from abroad and limited skills and innovation to compete.

Yet, Sri Lanka’s aspirations cannot be realized in the current status quo.  

While changes in trade policies and regulations will undeniably improve the lives of most citizens, I’m mindful that some are likely to lose. However, many potential gainers of the reforms who are currently opposed to them are unaware of their benefits.

Implementing smart reforms means that government funds will be used more effectively for the people, improve access to better healthcare, education, basic infrastructure and provide Sri Lankans with opportunities to get more and better jobs. Let me focus on a few reforms that I believe are critical for the country.  First, Sri Lanka needs to seek growth opportunities and foreign investment beyond its borders.    

First, Sri Lanka needs to seek growth opportunities and foreign investment beyond its borders.

Experience shows that no country in the world today has been able to create opportunities for its population entirely within its own geographic boundaries. To succeed in this open environment, Sri Lanka will need to improve its skills base, better understand supply and demand chains as well as produce higher quality goods and services

Experience shows that no country in the world today has been able to create opportunities for its population entirely within its own geographic boundaries. To succeed in this open environment, Sri Lanka will need to improve its skills base, better understand supply and demand chains as well as produce higher quality goods and services.

by · Tuesday, 19 September 2017 · Sri Lanka
Reforms Sri Lanka needs to boost its economy

Reforms Sri Lanka needs to boost its economy

The Colombo Stock Exchange. Credit: Joe Qian/World Bank

Many Sri Lankans understand the potential benefits of lowering trade costs and making their country more competitive in the global economy. The majority, however, fear increased competition, the unfair advantage of the private sector from abroad and limited skills and innovation to compete.

Yet, Sri Lanka’s aspirations cannot be realized in the current status quo.  

While changes in trade policies and regulations will undeniably improve the lives of most citizens, I’m mindful that some are likely to lose. However, many potential gainers of the reforms who are currently opposed to them are unaware of their benefits.

Implementing smart reforms means that government funds will be used more effectively for the people, improve access to better healthcare, education, basic infrastructure and provide Sri Lankans with opportunities to get more and better jobs. Let me focus on a few reforms that I believe are critical for the country.  First, Sri Lanka needs to seek growth opportunities and foreign investment beyond its borders.    

First, Sri Lanka needs to seek growth opportunities and foreign investment beyond its borders.

Experience shows that no country in the world today has been able to create opportunities for its population entirely within its own geographic boundaries. To succeed in this open environment, Sri Lanka will need to improve its skills base, better understand supply and demand chains as well as produce higher quality goods and services

Experience shows that no country in the world today has been able to create opportunities for its population entirely within its own geographic boundaries. To succeed in this open environment, Sri Lanka will need to improve its skills base, better understand supply and demand chains as well as produce higher quality goods and services.

by · Tuesday, 19 September 2017 · Sri Lanka
Sri Lanka: Building a more resilient economy

Sri Lanka: Building a more resilient economy

At the launch of the Sri Lanka Development Update (SLDU), our Twitter chat #SLDU2017: Environmental Benefits of Economic Management set out to explore how Sri Lanka could meet the twin challenges of increasing its physical and financial resilience.
 
The panel comprised experts from the World Bank – Country Director for Sri Lanka and the Maldives, Idah Pswarayi-Riddihough; Senior Economist Ralph van Doorn and senior environmental specialist Darshani De Silva – and Kanchana Wickramasinghe, a research economist in the Institute of Policy Studies. Together, they unpacked the SLDU, discussed its key findings and fielded questions from across the region around its main themes.
 
The bi-annual report, notes key economic developments over the preceding months, placing them in a longer term and global perspective; in the Special Focus section, it explores topics of particular policy significance to Sri Lanka. 
 
Ralph started with the idea that Sri Lanka faces a window of opportunity during which key reforms could transform the country and its economy. He noted that Sri Lanka’s position in the global economy improved its global growth prospects, as well as that of its key export partners. Low commodity prices and the restoration of the GSP+ preferential trade arrangement with the EU had also combined to improve the outlook for the Sri Lankan economy.

For Idah, the country’s mood and the government’s commitment to change were critical to success:   
 

#SriLanka has demonstrated potential for significant reforms. Crucial for the move to a higher middle income status #SLDU2017

— Idah Pswarayi-Riddih (@Idah_WB) August 21, 2017

The panel delved into how natural disasters and extreme weather events posed a threat to Sri Lanka’s growing economy. In the short-term the damage was clear and serious, with losses amounting to several billions a year, as Idah noted in her blog. During the chat, she emphasised how Sri Lanka needed to be prepared for future disasters or it would cost the country enormously.
 
Kanchana pointed out that in the long-term, disasters could set back poverty alleviation efforts, especially in agricultural and rural areas, adding:
 

it can induce #urban #rural #migration – has implications on #foodsecurity in #lka #SLDU2017 #climatechange

— Kanchana (@Kanchi_w) August 21, 2017

With the chat underway, questions poured in from an online audience who were interested in diverse issues – from managing Sri Lanka’s ongoing drought and its impact on the Northern Province to what insights the SLDU had to offer other countries in the region such as India.

by · Wednesday, 6 September 2017 · India, Maldives, Sri Lanka
When in the eye of a storm….

When in the eye of a storm….

Abandoned fishing boats lay on the banks of the dried Siyambalankkatuwa reservoir in Sri Lanka’s Puttalam District, Aug. 10, 2017. Thomson Reuters Foundation/Amantha Perera

This year, yet again, flooding caused by heavy monsoon rains came and receded. Meanwhile, this year alone, more than one million people have been hard hit by the worst drought in 40 years.
 
The media, with few exceptions, have moved on to other topics and a sense of calm pervades. 
 
We are in the eye of the storm — that misleading lull before mother nature unleashes her fury once again. 
 
In Sri Lanka alone, costs from natural disasters, losses from damage to housing, infrastructure, agriculture, and from relief are estimated at LKR 50 billion (approx. USD 327 million).  The highest annual expected losses are from floods (LKR 32 billion), cyclones or high winds (LKR 11 billion), droughts (LKR 5.2 billion) and landslides (LKR 1.8 billion). This is equivalent to 0.4 percent of GDP or 2.1 percent of government expenditure. (#SLDU2017). Floods and landslides in May 2016 caused damages amounting to US$572 million.   
 
These numbers do not paint the full picture of impact for those most affected, who lost loved ones, irreplaceable belongings, or livestock and more so for those who are back to square one on the socio-economic ladder.
 
Even more alarming, these numbers are likely to rise as droughts and floods triggered by climate change will become more frequent and severe. And the brief respite in between will only get shorter, leaving less time to prepare for the hard days to come.
 
Therefore, better planning is even more necessary. Sri Lanka, like many other countries has started to invest in data that highlights areas at risk, and early warning systems to ensure that people move to safer locations with speed and effect.
 
Experience demonstrates that the eye of the storm is the time to look to the future, ready up citizens and institutions in case of extreme weather.
 
Now is the time to double down on preparing national plans to respond to disasters and build resilience. 

It’s the time to test our systems and get all citizens familiar with emergency drills. But, more importantly, we need to build back better and stronger.  In drought-affected areas, we can’t wait for the rains and revert to the same old farming practices. It’s time to innovate and stock up on critical supplies and be prepared when a disaster hits.
 
It’s the time to plan for better shelters that are safe and where people can store their hard-earned possessions.
 
Mobilizing and empowering communities is essential. But to do this, we must know who is vulnerable – and whether they should stay or move.  Saving lives is first priority, no doubt. Second, we should also have the necessary systems and equipment to respond with speed and effect in times of disasters. Third, a plan must be in place to help affected families without much delay.
 
Fortunately, many ongoing initiatives aim to do just that.

by · Monday, 21 August 2017 · Sri Lanka
Meet the winners of #StoriesfromLKA photo contest – and more exciting news

Meet the winners of #StoriesfromLKA photo contest – and more exciting news

World Bank Sri Lanka launched an online campaign titled #StoriesfromLKA during the month of June celebrating World Environment day “Connecting People to Nature”.

The campaign included online interactions to learn about World Bank operations related to the environment and a photo competition to appreciate the natural beauty of Sri Lanka that needs to be preserved while Sri Lanka pursues a development drive.

This competition began on the 21st of June and aimed at showcasing the many talented photographers among us as well as celebrating the rich flora and fauna of Sri Lanka.

After the contest ended on June 30th, 167 entries were shortlisted. We asked you which photos were your favorites and you voted on your selections through social media. Your votes helped us narrow down the three winners, here they are:

by · Thursday, 17 August 2017 · Sri Lanka
Meet the winners of #StoriesfromLKA photo contest – and more exciting news

Meet the winners of #StoriesfromLKA photo contest – and more exciting news

World Bank Sri Lanka launched an online campaign titled #StoriesfromLKA during the month of June celebrating World Environment day “Connecting People to Nature”.

The campaign included online interactions to learn about World Bank operations related to the environment and a photo competition to appreciate the natural beauty of Sri Lanka that needs to be preserved while Sri Lanka pursues a development drive.

This competition began on the 21st of June and aimed at showcasing the many talented photographers among us as well as celebrating the rich flora and fauna of Sri Lanka.

After the contest ended on June 30th, 167 entries were shortlisted. We asked you which photos were your favorites and you voted on your selections through social media. Your votes helped us narrow down the three winners, here they are:

by · Thursday, 17 August 2017 · Sri Lanka
Twitter chat: Economic benefits of environment management in Sri Lanka

Twitter chat: Economic benefits of environment management in Sri Lanka

What’s happening?
Join us for #SLDU2017: Economic Benefits of Environment Management. This Twitter chat will be hosted by World Bank South Asia (@WorldBankSAsia) in collaboration with the Institute for Policy Studies IPS.
 
When is it?
August 14, 2017 from 5.30 – 7.30 pm
 
Unpacking #SLDU2017
The chat will explore the findings of the Sri Lanka Development Update (SLDU), published this June.
 
I look forward to engaging with you together with a panel from different areas of expertise.
 
We’ll be discussing priority reforms with a focus on how Sri Lanka can better manage both its business and natural environment to bolster economic growth and sustain development.
 
In recent years, natural disasters have left parts of this island nation devastated, exacting a significant economic, fiscal and social toll. The SLDU identifies other challenges as well, pressing the case for fiscal consolidation, a new growth model, improved governance and programs to buffer against risk.
 
The latest update cautions against adopting piecemeal solutions, noting that the challenges facing the island nation are inter-linked and require a comprehensive and coordinated reform approach.
 
In the end, we also hope this Twitter chat will allow us to learn from you as we begin our preparations for the next SLDU.
 
How can you participate?
Never taken part in a Twitter chat before? It’s simple. Just think of this as an online Q&A. @WorldBankSAsia will moderate the discussion, posing questions to panellists. You are encouraged to join in too! Follow along, retweet and engage. If you have a question, simply tweet it out using the hashtag #SLDU2017. We’ll see it and try to get you some answers.

by · Friday, 4 August 2017 · Sri Lanka
What were your favorite entries from the Sri Lanka environment photo contest?

What were your favorite entries from the Sri Lanka environment photo contest?

Inspired by Sri Lanka’s incredible natural beauty, the World Bank organized a photo contest starting on June 21st aimed at showcasing the many talented photographers among us as well as celebrating the rich flora and fauna of Sri Lanka. We received an overwhelming response from many talented photographers, both professional and amateur, who sent us hundreds of awe-inspiring entries.

After the contest ended on June 30th, a panel reviewed all of the photos and shortlisted 167 of the best ones. We asked you which photos were your favorites and you voted until 6PM Monday on your selections through social media. Without further ado, here are the top 10 based on your choices!

Let us know what you think in the comments below and don’t forget to follow World Bank Sri Lanka on Facebook and our the World Bank’s Country Director for Sri Lanka and Maldives, @Idah_WB on Twitter

by · Wednesday, 12 July 2017 · Maldives, Sri Lanka
What were your favorite entries from the Sri Lanka environment photo contest?

What were your favorite entries from the Sri Lanka environment photo contest?

Inspired by Sri Lanka’s incredible natural beauty, the World Bank organized a photo contest starting on June 21st aimed at showcasing the many talented photographers among us as well as celebrating the rich flora and fauna of Sri Lanka. We received an overwhelming response from many talented photographers, both professional and amateur, who sent us hundreds of awe-inspiring entries.

After the contest ended on June 30th, a panel reviewed all of the photos and shortlisted 167 of the best ones. We asked you which photos were your favorites and you voted until 6PM Monday on your selections through social media. Without further ado, here are the top 10 based on your choices!

Let us know what you think in the comments below and don’t forget to follow World Bank Sri Lanka on Facebook and our the World Bank’s Country Director for Sri Lanka and Maldives, @Idah_WB on Twitter

by · Wednesday, 12 July 2017 · Maldives, Sri Lanka
What were your favorite entries from the Sri Lanka environment photo contest?

What were your favorite entries from the Sri Lanka environment photo contest?

Inspired by Sri Lanka’s incredible natural beauty, the World Bank organized a photo contest starting on June 21st aimed at showcasing the many talented photographers among us as well as celebrating the rich flora and fauna of Sri Lanka. We received an overwhelming response from many talented photographers, both professional and amateur, who sent us hundreds of awe-inspiring entries.

After the contest ended on June 30th, a panel reviewed all of the photos and shortlisted 167 of the best ones. We asked you which photos were your favorites and you voted until 6PM Monday on your selections through social media. Without further ado, here are the top 10 based on your choices!

Let us know what you think in the comments below and don’t forget to follow World Bank Sri Lanka on Facebook and our the World Bank’s Country Director for Sri Lanka and Maldives, @Idah_WB on Twitter

by · Wednesday, 12 July 2017 · Maldives, Sri Lanka