Digital Archives - Page 2 of 6

Sri Lanka’s Digital Economy Strategy Aims for $3 Billion by 2024

February 26, 2024 Ashinka Perera

Sri Lanka plans to grow its digital economy to $3 billion by 2024. This goal represents 4.37% of the country’s GDP. The government is expanding tech exports, e-commerce, and IT-BPM services to reach this target.

Strategic investments in digital infrastructure and IT skills are vital. These investments aim to create a thriving environment for startups and digital businesses.

Sri Lanka's Digital Economy Strategy Aims for $3 Billion by 2024

The ICT Agency of Sri Lanka leads efforts to create a digitally inclusive nation. They focus on digital policy and cyber laws. The agency’s digital government transformation aims to boost efficiency and connectivity of state entities.

The National Data and Identity Interoperability Platform (NDIIP) enhances information sharing among government organizations. Two state-of-the-art Techno Parks are being built to attract foreign investment and create jobs.

Sri Lanka plans to increase its ICT/BPM workforce from 125,000 to 300,000 by 2024. Over 60% of Sri Lankans own mobile phones, with half being smartphones. This provides a strong base for digital services and e-commerce growth.

Key Takeaways

Sri Lanka aims to grow its digital economy to $3 billion by 2024, representing 4.37% of GDP
The government is investing in digital infrastructure and IT skills development to support tech exports, e-commerce, and IT-BPM services
The ICT Agency is working to establish a digitally inclusive Sri Lanka through digital policy, cyber laws, and digital government transformation
Two state-of-the-art Techno Parks are under construction to attract Foreign Direct Investment and create job opportunities
Sri Lanka aims to increase its ICT/BPM workforce from 125,000 in 2018 to 300,000 by 2024

Sri Lanka’s Vision for a Digital Economy by 2030

Sri Lanka aims to create a thriving digital economy by 2030. The Sri Lanka Vision 2030 focuses on using digital tech for innovation and global competitiveness. It ensures a human-centered approach to digital change.

Sri Lanka digital transformation roadmap

The strategy prioritizes equal chances for all citizens in the digital economy. It promotes new tech and solutions for societal issues. The plan also aligns digital growth with environmental goals.

Core Principles Guiding Sri Lanka’s Digital Transformation

Inclusivity and equal opportunities for all
Innovation in technologies, business models, and digital solutions
Sustainability and alignment with environmental goals
Global outlook and competitiveness
Human-centric approach prioritizing citizen needs
Rights-based framework protecting privacy and digital rights

Critical Enablers for Achieving Digital Economy Goals

Sri Lanka has identified key factors to reach its digital goals. These include creating laws that boost innovation and protect consumer rights. Secure digital IDs are vital for trusted online transactions.

Clear data rules will ensure responsible data use. These enablers aim to foster a thriving digital economy for all.

Enabler	Description
Legal and Regulatory Framework	Establish laws and regulations that promote innovation and protect digital rights
Digital Identity Systems	Implement secure and trusted digital identity solutions for online transactions and services
Data Governance	Develop transparent frameworks for responsible data collection, sharing, and use

Team efforts, public input, and private investments will drive digital change. These factors will help create a vibrant digital economy. The goal is to benefit all parts of society.

Key Strategic Areas for Action in Sri Lanka’s Digital Economy Strategy

Sri Lanka aims to boost its digital economy to $3 billion by 2024. The strategy focuses on six key areas for growth and transformation. These include enhancing digital infrastructure, developing skills, and improving e-government services.

The plan also strengthens cybersecurity, expands digital financial services, and supports MSMEs’ digitalization. These areas are crucial for driving Sri Lanka’s digital progress.

Infrastructure, Connectivity, and Access Initiatives

Sri Lanka prioritizes improving digital connectivity and access. The government plans to invest in next-generation networks and high-speed broadband. These efforts aim to maintain digital leadership and bridge the digital divide.

Initiatives are underway to expand broadband coverage, especially in rural areas. This ensures everyone can access digital services equally.

Skills Development, Digital Literacy, and Job Creation

Building a digitally skilled workforce is vital for innovation and growth. Sri Lanka focuses on developing IT skills and promoting digital literacy. The country also aims to create job opportunities in the digital sector.

Targeted training programs address the need for advanced AI engineering skills. Partnerships with educational institutions help develop strategic expertise. Visit Sri Lanka’s Tourism Industry Sees Resurgence Ahead of for more insights on economic growth.

E-Government Services and Digital Governance

Sri Lanka aims to enhance e-government services and digital governance. The government plans to digitize public services, improve efficiency, and increase transparency. A robust AI governance structure is being established.

This structure focuses on safety, transparency, and ethical guidelines. It ensures responsible AI development and deployment.

Cybersecurity, Data Protection, and Privacy Measures

Strengthening cybersecurity and ensuring data protection are crucial for Sri Lanka’s digital strategy. The government is investing in cybersecurity infrastructure and implementing data protection regulations. Promoting awareness about online safety is also a priority.

Building trust in digital systems is essential. It encourages adoption and fosters a secure digital environment.

Expansion of Digital Financial Services

Sri Lanka aims to expand digital financial services. The goal is to increase access to digital payments, mobile banking, and other financial technologies. This promotes financial inclusion and reduces reliance on cash transactions.

Initiatives encourage MSMEs to adopt digital financial services. This supports their growth and competitiveness in the market.

Sector-Specific Digitalization and Support for MSMEs

Sri Lanka’s strategy recognizes the importance of sector-specific digitalization. It supports MSMEs in their digital transformation journey. The government provides incentives for MSMEs to adopt digital technologies.

Initiatives promote the startup ecosystem and foster innovation. This encourages entrepreneurship in the digital space. These efforts drive economic growth and create new job opportunities.

Challenges and Opportunities in Implementing Sri Lanka’s Digital Economy Strategy

Sri Lanka aims to build a $15 billion digital economy by 2030. The government plans to spend Rs. 3 billion on digital efforts in 2024. This is 1.4% of total expenditures.

Key challenges include ensuring fair access and implementing regulatory reforms. Attracting investments is also crucial. However, the strategy offers chances for public-private partnerships.

These partnerships can help bridge the digital divide and improve infrastructure. They can also develop digital skills among workers.

Sri Lanka could become a regional digital hub. Its location, growing digital infrastructure, and skilled workforce are attractive to international companies.

Budget Allocation	Amount (Rs.)	Purpose
National Single Window	200 million	Facilitating trade-related regulatory documentation
Vocational Education and Training	450 million	Training through Provincial Councils
Job-Seeking Graduates Program	750 million	Training program for job-seeking graduates

The strategy can lead to inclusive economic growth. It promotes digital literacy and supports small businesses. This creates new jobs and empowers marginalized communities to join the digital economy.

Conclusion

Sri Lanka’s Digital Economy Strategy outlines a bold plan for the country’s digital future. It aims to boost economic growth and global competitiveness. The strategy sets clear goals for 2024, including $3 billion in annual foreign exchange revenue.

The plan also targets building a workforce of 300,000 ICT professionals. This includes 150,000 skilled individuals ready for the digital economy. These goals show Sri Lanka’s commitment to progress despite recent global ranking challenges.

Sri Lanka plans to set up five regional tech and education hubs. It aims to help tech companies and startups grow. The country also wants 75% of its citizens to be digitally literate.

The strategy focuses on key areas guided by core principles. It aims to use digital tech for inclusive and sustainable growth. Success will boost the economy and improve lives in the digital age.

Japan to Resume Funding for Sri Lanka Projects, Envoy Says

January 10, 2024 Ashinka Perera

Japan is set to resume its financial support for crucial Sri Lankan infrastructure projects. This move strengthens diplomatic ties and brings vital international aid. It comes as Sri Lanka secures a $10 billion debt restructuring deal with creditors, a key step in crisis management and boosting foreign investment.

The funding restart points to a deeper friendship and vital support for Sri Lanka’s economic recovery. Mizukoshi Hideaki, Japan’s envoy in Colombo, says the aid will improve Sri Lanka’s airport, water sanitation, and healthcare. These efforts are crucial for the nation’s growth path.

Japan’s support is key as Sri Lanka works to fix its economy. The pledge of $1.1 billion over five years opens a new chapter for stability and growth. This aid is especially important as Sri Lanka’s economy is expected to grow by 3% in 2024 after facing severe setbacks.

Finance Ministry’s Ajith Abeysekera is hopeful after the IMF supported Sri Lanka’s financial reforms. With Japan’s help, Sri Lanka is working through its debt challenges. This collaboration is vital for a lasting economic comeback.

Japan to Resume Funding for Stalled Projects in Sri Lanka, Envoy Says

Revitalizing Stalled Infrastructure Under Japan-Sri Lanka Collaboration

Japan has decided to invest $1.1 billion in Sri Lanka over five years. This huge investment focuses on two key areas: expanding airports and improving health infrastructure. These sectors are vital for the country’s economic growth.

$1.1 Billion Investment Over Five Years

This investment from Japan highlights a strong partnership. It brings new energy to projects that were on hold. It will speed up the growth of Sri Lanka’s main international airport. This will improve global connections and create new economic chances.

Key Projects: Airport Expansion and Health Infrastructure

Besides increasing air transport, a lot of the funds will enhance the health sector. Hospitals and health services across Sri Lanka will get better. This ensures economic growth goes hand in hand with better health services. It will improve life quality for citizens.

The Role of Bilateral Relations in Economic Recovery

Strengthened Japan-Sri Lanka ties are crucial. They help with debt restructuring and lead to economic recovery. This partnership shows a commitment to stability and prosperity in Sri Lanka. It’s a model for future projects that might include more ambitious ventures. These could turn the country into a regional hub for tourism and business.

Japan’s investment also shows trust in Sri Lanka’s future. It aims to kickstart both local and regional economic growth. This could attract more foreign investment and significantly change Sri Lanka’s economy.

The Japan-Sri Lanka collaboration on key infrastructure projects is an inspiring story. It shows how targeted investment and strong international relationships can help economies recover and grow.

Japan to Resume Funding for Stalled Projects in Sri Lanka, Envoy Says

Japan has agreed to restart funding for Sri Lanka, a crucial step during its $10 billion debt restructuring process. This provides Sri Lanka with a much-needed pause in debt repayments. It paves the way for economic recovery and shows the value of financial assistance.

Japan’s decision to fund again supports 11 key projects in Sri Lanka, totaling over $1.1 billion. This act reinforces trust in Sri Lanka’s future and economic recovery. It helps relieve financial pressure and creates a foundation for growth.

Navigating the $10 Billion Debt Restructuring Deal

The debt restructuring plan is vital for Sri Lanka’s economic stability. It includes a four-year grace period, potentially saving Sri Lanka up to $5 billion in repayments. This effort protects fiscal health and encourages economic recovery.

Prospects for Sri Lanka’s Economic Growth Post-Funding Resumption

With new financial plans underway, Sri Lanka’s future looks brighter. Experts expect a 3% GDP growth in 2024. Areas like tourism and construction are recovering fast, boosting the economy post-COVID-19.

Impact of Debt Treatment Agreement with Official Creditor Committee

The deal with the Official Creditor Committee (OCC) marks a significant step. It has led to effective crisis management and beneficial debt restructuring terms. This helps ensure long-term stability and growth for Sri Lanka.

Sri Lanka is also working on improving regional relations, especially with India and China. These efforts are vital for the country’s economic resilience and recovery. For deeper insights into Sri Lanka’s efforts in stabilizing its economy through diplomacy, check out the discussions here.

Crisis Management and International Aid: A New Dawn for Sri Lanka

Sri Lanka was in a tight spot and needed help. The country was struggling with a big financial crisis. The economy was really bad. But there was a glimmer of hope. Sri Lanka managed to get a big aid from the International Monetary Fund (IMF). They got a bailout for $2.9 billion. This money will help the country to get back on its feet. It will also strengthen ties with other countries. Japan, for example, has agreed to help out. This shows there’s a lot of support for Sri Lanka during these hard times.

Sri Lanka is trying to do more than just fix its budget problems. It’s working on making better connections with other countries too. Countries like Japan are ready to help. They want to support places that are trying to improve how they are run. This helps Sri Lanka a lot. It’s dealing with tough issues like debt and the need for clear government actions. The country needs to stick to strict rules against corruption. It also needs to fix its tax system. This will help Sri Lanka do better in the world market.

According to the Asia Report N°278, Sri Lanka has a tough road ahead. It’s still feeling the aftermath of a long conflict. However, there’s hope. With help from the IMF and other countries, Sri Lanka can move forward. This aid is a chance for Sri Lanka to improve how it governs. It aims to treat all its people fairly, no matter their background. Good relationships with other countries are very important. They can help Sri Lanka face its economic and social challenges. Together, they can build a stronger and more united Sri Lanka.

FAQ

What is the significance of Japan’s commitment to resume funding for projects in Sri Lanka?

Japan’s decision to restart funding projects in Sri Lanka greatly helps the country. It shows a strong bond and a readiness for foreign help. This is vital for managing crises and recovering financially.

How much has Japan committed to investing in Sri Lanka over the next five years?

Over the next five years, Japan plans to invest

FAQ

What is the significance of Japan’s commitment to resume funding for projects in Sri Lanka?

How much has Japan committed to investing in Sri Lanka over the next five years?

Over the next five years, Japan plans to invest $1.1 billion in Sri Lanka. This will help rejuvenate important infrastructure projects. These are key to the country’s economic growth and improving public services.

Which critical infrastructure projects will benefit from the renewed Japanese funding?

Japan’s renewed funding will mainly improve Sri Lanka’s main international airport and health facilities. These upgrades are essential for strong economic growth and better public services.

How will the restored bilateral relations between Japan and Sri Lanka aid in economic recovery?

Restored relations with Japan bring hope of foreign investment and support. This partnership will help Sri Lanka’s economy by providing needed funds. It will also help in restructuring debt and supporting critical development projects.

What is the role of Japan in Sri Lanka’s $10 billion debt restructuring deal?

Japan was key in negotiating Sri Lanka’s $10 billion debt restructuring deal. As a main creditor in the Official Creditor Committee, Japan’s role was critical. It helped give Sri Lanka a chance to restart funding for development.

How does the debt treatment agreement impact Sri Lanka’s prospects for economic growth post-funding resumption by Japan?

The debt treatment deal makes restructuring Sri Lanka’s debt easier, saving money in the short term. This opens the way for economic stability and growth. With Japan’s help, Sri Lanka’s economy could grow 3% in 2024. This is a big change from recent economic downturns.

What does the International Aid led by Japan signify for Sri Lanka amidst its financial crisis?

Japan leading international aid is a key moment for Sri Lanka in managing its financial crisis. It shows the world’s commitment to help. This support is important as Sri Lanka works through tough economic times and aims to get back on the global stage.

.1 billion in Sri Lanka. This will help rejuvenate important infrastructure projects. These are key to the country’s economic growth and improving public services.

Which critical infrastructure projects will benefit from the renewed Japanese funding?

Japan’s renewed funding will mainly improve Sri Lanka’s main international airport and health facilities. These upgrades are essential for strong economic growth and better public services.

How will the restored bilateral relations between Japan and Sri Lanka aid in economic recovery?

What is the role of Japan in Sri Lanka’s billion debt restructuring deal?

Japan was key in negotiating Sri Lanka’s billion debt restructuring deal. As a main creditor in the Official Creditor Committee, Japan’s role was critical. It helped give Sri Lanka a chance to restart funding for development.

How does the debt treatment agreement impact Sri Lanka’s prospects for economic growth post-funding resumption by Japan?

What does the International Aid led by Japan signify for Sri Lanka amidst its financial crisis?

HNB Procurement Earns ISO 9001:2015 Certification

November 27, 2023 Ashinka Perera

HNB Procurement Function Earns Prestigious ISO 9001:2015 Certification

Hatton National Bank PLC (HNB) continues to stand out as a top financial institution in Sri Lanka. It has recently achieved the ISO 9001:2015 certification for its Procurement Function. This shows the bank’s constant push for excellence in all its operations. Bureau Veritas acknowledged this certification, covering HNB Procurement processes like IT, Stationery, and General Procurement. These processes are within its Banking Services Department. This sets a global benchmark for quality management.

As a leader among Sri Lanka’s private banks, HNB has 254 customer centers. Its chase for the 2015 certification is backed by a history of excellence. Winning ‘The Best Bank – Sri Lanka’ at the Emerging Asia Banking Conclave and Awards and being named Best Retail Bank by the Asian Banker Awards show its commitment to top service. The ISO 9001:2015 certification adds to HNB’s collection of ISO recognitions. These include Inward Remittance, Outward Remittance, Centralized Operations, Centralized Credit Operations, and Credit Administration Departments.

The HNB ISO Certification boosts operational efficiency and improves supplier relations. It also lowers procurement errors. This award came after a detailed audit that checked most of HNB’s procurement activities. The bank noted big improvements in procurement, including more efficiency and fewer mistakes. These gains came from specialized training for the Procurement staff. These improvements after getting the ISO certification highlight HNB’s ongoing commitment to doing better and keeping stakeholders happy.

HNB Procurement Function Earns Prestigious ISO 9001:2015 Certification

The HNB Procurement Function now has the ISO 9001:2015 certification. This marks a big improvement in how it operates. It not only shows that HNB leads in banking innovation, but also its strong commitment to top service and client happiness. The 2015 certified procurement practices place it among the best in Sri Lanka’s banking world.

Significance of ISO 9001:2015 Certification for HNB Procurement

The ISO 9001:2015 award highlights the HNB Procurement Function’s aim for global quality standards. Achieving this level proves HNB’s quality management system is strong, making its procurement practices more reliable and efficient. This achievement also builds more trust with suppliers and partners, leading to better and more innovative procurement.

Rigorous Process of Achieving the ISO 9001:2015

Gaining the ISO 9001:2015 certification required a detailed review of HNB’s buying processes. This close examination made sure all operations met the highest quality standards. The procurement team had to show excellence in areas like IT, stationery, and general buying to meet the strict ISO criteria.

Department	Certification Year	Scope
HNB Procurement Function	2024	IT Procurement, Stationery Procurement, General Procurement
Centralized Operations	2024	Centralized Operations for banking services
Credit Administration	2024	Administering Credit Operations
Inward and Outward Remittance	2024	Handling of internal and external remittances

Earning the HNB Procurement ISO 9001 certification is a big achievement for the bank. It’s seen as a sign of trust and efficiency by partners and clients. HNB is dedicated to keeping its high standards in the tough world of finance.

Comprehensive Quality Management Frameworks at HNB

Hatton National Bank (HNB) has boosted its service quality. It got the ISO 9001:2015 certification for various procurement and operational areas. This award by Bureau Veritas shows HNB’s strong focus on top-notch quality management in financial services.

This honor covers important areas like IT, Stationery, and General Procurement. It shows the bank’s efficiency and its ability to meet global standards. These standards aim to make customers happier and improve how things run.

HNB’s quest for top quality doesn’t stop with procurement. Other key areas also achieved the 2015 certification. This includes divisions like Inward and Outward Remittance and Centralized Credit Operations. It marks a full embrace of quality-first strategies.

HNB operates a vast network of 254 customer centers. It’s one of Sri Lanka’s big private banks and focuses on tech innovation. The bank has won titles like Best Retail Bank and Best Bank in Sri Lanka at major awards.

The ISO 9001:2015 certification of HNB’s procurement is part of a broader quality focus. This approach is essential for growth in a shaky economy. It also helps build a strong brand that meets market and consumer needs.

Expanding Excellence: HNB’s Commitment to Service Quality

HNB is dedicated to outstanding customer service and improving customer experiences. It earned the 2015 certification in HNB Procurement. This shows HNB’s deep commitment to quality management in the finance sector.

By following the HNB Procurement ISO Certification standards, HNB proves its commitment. It aims to exceed customer expectations through quality service.

Impact of ISO 9001:2015 on Customer Experience

The ISO 9001:2015 isn’t just for show; it’s how HNB assures top-notch customer service. Thanks to the 2015 certification, customers can rely on HNB’s services. It shows HNB is proactive about quality and has systematic processes in place.

These achievements highlight HNB’s longstanding reputation for excellence. This includes being named ‘Sri Lanka’s Best Bank’ by Euromoney Magazine.

Supporting Strategic Goals Through Improved Operations

HNB’s certification under ISO 9001:2015 aligns with its strategic goals. It aims to be the leader and most trusted bank in Sri Lanka. The AA- rating from Fitch Ratings (Lanka) Ltd and awards, like ‘Best Managed Bank in Sri Lanka,’ show HNB’s commitment to excellence.

The efficiencies from the HNB Procurement ISO Certification support HNB’s aim for continual excellence.

Expanding Excellence: HNB’s Commitment to Service Quality

What does HNB Procurement Function’s ISO 9001:2015 certification signify?

The ISO 9001:2015 certification shows HNB Procurement Function meets high global standards. It proves HNB’s dedication to quality, customer happiness, and ongoing improvement. They work hard to make sure their purchasing processes are top-notch.

Who provided the ISO 9001:2015 certification to HNB’s Procurement Function?

Bureau Veritas, a world leader in testing, inspection, and certification, gave HNB the ISO 9001:2015 certification.

Which areas of HNB Procurement Function have been certified under the ISO 9001:2015?

The certification covers several areas like IT, Stationery, and General Procurement at HNB.

How does the ISO 9001:2015 certification impact the customer experience at HNB?

This certification means HNB works more efficiently and uniformly, leading to a better customer experience. It assures customers that HNB values quality and aims for constant improvement.

What role did HNB management play in achieving the ISO 9001:2015 certification?

Indrajith Senadhira and Roshan Fernando, HNB’s managers, played key roles in getting the ISO 9001:2015 certification. They showed HNB’s commitment to quality and consistent customer service.

Can you explain the process HNB underwent to achieve the ISO 9001:2015 certification?

HNB went through strict evaluation and documentation to ensure they matched ISO 9001:2015 standards. This involved meeting international quality management benchmarks and being audited by Bureau Veritas.

Are any other departments within HNB ISO 9001:2015 certified?

Yes, other departments at HNB also have the ISO 9001:2015 certification. This shows a broad commitment to quality throughout HNB.

What benefits does the ISO 9001:2015 certification provide to HNB?

The ISO certification brings HNB many advantages, like better operations, happier customers, strong supply chain management, and compliance with quality standards. These benefits help HNB keep its strong reputation in the finance industry.

Significance of ISO 9001:2015 Certification for HNB Procurement

The ISO 9001:2015 certification is vital for HNB Procurement. It globally acknowledges the bank’s procurement processes. This gives HNB a competitive advantage and highlights its dedication to excellence and customer satisfaction.

Rigorous Process of Achieving the ISO 9001:2015

Getting the ISO 9001:2015 certificate required a detailed evaluation. HNB assessed its processes and documentation, stuck to the standards, and proved its commitment to ongoing improvement.

Impact of ISO 9001:2015 on Customer Experience

The ISO 9001:2015 improves customer experience by focusing on quality and reliability. It leads to more customer satisfaction and trust in HNB.

Supporting Strategic Goals Through Improved Operations

The certification helps HNB reach its strategic goals. It ensures operations are optimized, reduces errors, and encourages a culture of excellence. This helps HNB grow and succeed.

Sri Lanka’s Digital Economy Strategy Aims for $3 Billion by 2024

October 24, 2023 Ashinka Perera

As Sri Lanka moves forward from economic troubles, its economy sees a chance for growth through digital change. The information and communications technology (ICT) sector is becoming strong. It could be worth USD 3.47 billion, which is 4.37% of the GDP. The country has big plans to grow its tech sector.

Sri Lanka's Digital Economy Strategy Aims for $3 Billion by 2024

The country is really putting its money into ICT. By 2024, they plan to spend Rs. 3 billion to help the digital economy reach $15 billion by 2030. They’ll do things like set up a National Single Window and update laws for today’s digital world. E-governance moves will bring Sri Lanka into a digitally powered future.

Digital skills in running a country could make services better and more efficient. By March 2024, all government payments will be made electronically. Also, keeping digital data safe is a priority. They want to make sure everyone’s information is secure against cyber threats.

There’s a lot of hope for Sri Lanka as it aims to be a tech hub in the region. With a goal to have a $3 billion digital economy by 2024, Sri Lanka is pushing to be a leader in the digital world. This could mean more jobs and new businesses in ICT and BPM sectors.

The Vision of a Digitally Empowered Sri Lanka

Sri Lanka aims high to be South Asia’s digital leader. The nation plans to merge digital infrastructure, policy changes, and talent growth. Increasing the startup landscape and digital skills across sectors shows their deep commitment.

Overview of Digital Sri Lanka 2030 Goals

Digital Sri Lanka 2030’s plan is to become a digital economy leader by 2030. Key goals include boosting the digital economy to USD 15 billion, says FITIS. Projects like DigiGo will help small businesses compete worldwide by going digital.

Achieving Inclusive & Sustainable Growth Through Tech

Sri Lanka aims for growth that helps everyone, using tech. They’re educating a thousand government employees in cybersecurity. This is with help from ISC2 Sri Lanka Chapter and Sri Lanka CERT. This will make digital services more trusted and inclusive.

Core Principles Driving the Digital Transformation

The National Digital Economy Strategy for 2030 relies on six main values. These include inclusivity, sustainability, and openness. It aims to close the digital gap with policy changes and investment. This encourages innovation in startups and connects Sri Lanka to global ideas.

Sri Lanka’s Digital Landscape: A Springboard for Innovation

Sri Lanka is on a path to modernization, with a focus on digital growth. The government and Sri Lanka’s Information and Communication Technology Agency (ICTA) are key players. Together, they aim for a future where technology drives economic success.

Partnerships formed during events like the National Digital Consortia show this effort in action. For example, on January 11th, ICTA joined forces with big names in the industry. This collaboration helps bring in global tech knowledge and innovative ideas.

Current State of Connectivity and Access

Mobile subscriptions in Sri Lanka are skyrocketing. This trend opens up the internet to millions, showing major progress in digital access. It also lays the groundwork for a thriving e-commerce scene. Businesses and customers alike benefit from safe online deals.

With these advances, Sri Lanka’s digital economy could hit $3 billion by 2024. This goal is part of the 2024 Budget, highlighting the digital economy’s importance to government plans.

Developing the Digital Government and E-Governance

Moving towards a digital future, Sri Lanka emphasizes e-governance. This push aims at smarter governance, helped by 5G and better digital infrastructure. It makes government services quicker and more efficient online.

The effort to upgrade digital government tools focuses also on growing the economy. It looks to make Sri Lanka a welcoming place for digital startups through laws, policies, and investments.

Investment in Digital Infrastructure and Talent Development

Sri Lanka is investing in its digital landscape. It’s looking at advanced tech like Artificial Intelligence, biotechnology, and the Internet of Things. These investments will boost digital services and markets.

Education is also key, with plans for a National Centre for Artificial Intelligence. This is to enhance skills in the hospitality industry and promote digital learning.

Strengthening Cybersecurity and Data Privacy

As digital services grow, so does the focus on cybersecurity and privacy. Strong cybersecurity is crucial for safe digital spaces. Sri Lanka wants to build trust in its digital services, aiming to attract 5 million tourists.

This includes a goal of 2.5 million high-end visitors, as part of its ‘Visit Sri Lanka’ tourism plan. Economic growth, expected at 4.4% in 2024, will also benefit from digital advances and tourism. This blend of traditional charm and digital innovation offers a bright future.

IMF Reports Sri Lanka’s Economy Gradually Improving

October 5, 2023 Ashinka Perera

As the global economy faces tough challenges, Sri Lanka shows real signs of betterment. The International Monetary Fund (IMF) sees improvement in the Sri Lanka economy. They point to strong reforms and good financial policies. The IMF expects growth to reach 4.4% by 2024. This reflects the country’s hard work to stabilize and advance after past struggles.

Recent reports talk about lowered inflation, a stronger currency, and better financial reserves. These changes help the economy grow in late 2023. After declaring bankruptcy in April 2022, Sri Lanka worked hard to recover. Its debt was over $83 billion. With the IMF’s help, Sri Lanka is now on a path to recovery, thanks to tough budget cuts and changes.

According to the IMF statement, these changes show a move towards more open and stable government. Sri Lanka is making smart money moves. It’s becoming a strong player in the global economy again. Recent Sri Lanka news says the IMF’s help is key to creating a stable, prosperous future.

Commitment to reform is leading Sri Lanka to recovery. This gives its people hope. OMP Sri Lanka aims to give up-to-date, accurate info on these changes. They want to provide the latest news to those who want official updates.

Economic Indicators Show Signs of Stability

Lately, reports bring good news about economic stability in Sri Lanka. They highlight key economic indicators. These indicators show that Sri Lanka’s economy is healing. After some tough times, signs of economic progress can now be seen. This suggests that Sri Lanka’s economy is getting better step by step.

Decrease in Inflation from Peak Levels

In a major move, Sri Lanka has cut its inflation. It went from a high of 70% last year to just 5.9% now. This big drop shows that the country’s financial plans are working well. It also means better chances for Sri Lanka’s GDP growth and more trust from investors.

Gross Domestic Product (GDP) Growth in Recent Quarters

The national GDP is showing growth. It went up by 1.6% in the third quarter and then by 4.5% in the last quarter of 2023. These numbers point to an improving economy that is healing well from past downfalls.

Stabilization of Sri Lanka’s Currency and Interest Rates

The country’s currency is now stable and interest rates are steady at 10%. This is a big improvement for Sri Lanka’s financial health. President Ranil Wickremesinghe, who took office in July 2022, has played a key role in these changes. Adjustments to interest rates are part of efforts to keep financial stability and draw in foreign money.

Economic Indicator	2023	2024 Projections
GDP Growth Rate	1.6% Q3; 4.5% Q4	2.2%
Inflation Rate	5.9%	Stable
Interest Rates	10%	Stabilized

Sri Lanka's Economy Gradually Improving, Says IMF

Reforms in Sri Lanka’s financial and economic sectors are supported by solid IMF reports. They show how Sri Lanka’s economy is adapting to the global economy. Despite hard times, these recovery steps are promising for the future of the nation.

IMF’s Extended Fund Facility and Economic Reform Agenda

Sri Lanka’s Economy Gradually Improving is a goal that the International Monetary Fund (IMF) aims to foster through its support via the Extended Fund Facility (EFF). The IMF’s EFF offers not just money, but also ways to make big economic changes. After the second review under the EFF, the IMF gave Sri Lanka another $336 million.

This step brought the total help to about $1 billion, showing strong support for Sri Lanka. The country is working hard on reforming and rearranging its debts. More than 25% of Sri Lankans are battling poverty. Yet, there’s hope with a predicted 2% growth in 2024.

The rise of foreign exchange reserves to $5.5 billion shows promise. This boost helps the country confidently manage important imports. This is a sign of recovering economic health. But, careful and steady policies are key, especially with elections ahead. These events might risk the IMF’s EFF and recovery plans.

Sri Lanka should focus on passing new laws for its Central Bank. This means making the bank’s independence a key part of managing the economy. Past mistakes in economic management highlight the need for agreement and steady big-picture plans. These should be backed by laws that push for clear budgeting and prevent risky loans.

Setting clear economic policies is crucial. They should avoid risky borrowing abroad. This approach is vital for moving away from financial crises towards growth and fair development.

IMF’s Extended Fund Facility and Economic Reform Agenda

What recent report has IMF provided on Sri Lanka’s economy?

The International Monetary Fund reports Sri Lanka’s economy is getting better. This improvement is seen in lower inflation and GDP growth. These signs point to economic stability.

What are the current inflation levels and GDP growth rates in Sri Lanka?

Inflation in Sri Lanka has dropped from a high of 70 percent in 2022 to 5.9 percent now. The GDP grew by 1.6 percent in the third quarter. It then increased to 4.5 percent in the fourth quarter of 2023. This shows the economy is recovering.

How has the Sri Lankan currency and interest rates stabilized?

Since President Ranil Wickremesinghe took office, his policies have helped stabilize the country’s currency. Interest rates have also been reduced to about 10 percent. These steps are helping Sri Lanka’s economic recovery.

What does the decrease in Sri Lanka’s inflation signify?

The fall in inflation indicates Sri Lanka is moving towards economic stability. It creates a better environment for growth and boosts market confidence.

How significant is the recent GDP growth in Sri Lanka’s economy?

The recent GDP growth is very important. It marks a recovery from earlier declines and shows the economy is improving.

What impact has the stabilization of Sri Lanka’s currency and interest rates had on the economy?

Stabilizing the currency and lowering interest rates have made essentials like food and medicine more available. Electricity has been restored. These steps are crucial for Sri Lanka’s stability and growth.

What is the role of IMF’s Extended Fund Facility in Sri Lanka’s economic recovery?

The IMF’s Extended Fund Facility is key to Sri Lanka’s recovery. It provides funds and advice for reforms, supports engagement with creditors, and aims for stable and inclusive growth.

How much has Sri Lanka accessed from the IMF under the Extended Fund Facility program?

Sri Lanka has gotten about 7 million from the IMF after its second review of the EFF. So far, the country has received a total of about

IMF’s Extended Fund Facility and Economic Reform Agenda

What recent report has IMF provided on Sri Lanka’s economy?

The International Monetary Fund reports Sri Lanka’s economy is getting better. This improvement is seen in lower inflation and GDP growth. These signs point to economic stability.

What are the current inflation levels and GDP growth rates in Sri Lanka?

How has the Sri Lankan currency and interest rates stabilized?

What does the decrease in Sri Lanka’s inflation signify?

The fall in inflation indicates Sri Lanka is moving towards economic stability. It creates a better environment for growth and boosts market confidence.

How significant is the recent GDP growth in Sri Lanka’s economy?

The recent GDP growth is very important. It marks a recovery from earlier declines and shows the economy is improving.

What impact has the stabilization of Sri Lanka’s currency and interest rates had on the economy?

What is the role of IMF’s Extended Fund Facility in Sri Lanka’s economic recovery?

The IMF’s Extended Fund Facility is key to Sri Lanka’s recovery. It provides funds and advice for reforms, supports engagement with creditors, and aims for stable and inclusive growth.

How much has Sri Lanka accessed from the IMF under the Extended Fund Facility program?

Sri Lanka has gotten about $337 million from the IMF after its second review of the EFF. So far, the country has received a total of about $1 billion from the program.

What does the IMF’s agreement on Sri Lanka’s economic reform agenda entail?

The IMF’s agreement with Sri Lanka includes policy reforms for debt restructuring and fiscal policy improvements. It supports economic stability and growth.

billion from the program.

What does the IMF’s agreement on Sri Lanka’s economic reform agenda entail?

The IMF’s agreement with Sri Lanka includes policy reforms for debt restructuring and fiscal policy improvements. It supports economic stability and growth.