WB engages with Financial Oversight Committee

A World Bank team, led by Country Manager Gevorg Sargsyan, held a consultation meeting on 25 September with Committee on Public Finance (CoPF) Chairperson Dr. Harsha de Silva and its members.

The team subsequently held a combined consultation session with Committee on Public Enterprises (COPE) Chairperson Dr. Nishantha Samaraweera, Committee on Public Accounts (COPA) Chairperson Kabir Hashim and Committee on Ways and Means Chairperson Wijesiri Basnayake, along with members of the respective committees.

Committee Chairs expressed their appreciation to the World Bank for its continued support to Sri Lanka’s development over the years.

During the consultations, World Bank officials stressed the urgent need for energy sector reforms, noting that Sri Lanka continues to face significantly higher energy costs than other countries in the region.

Developments in the ports and logistics sector were also discussed as critical to national growth.

The World Bank delegation further underscored the need for rightsizing the public sector and improving overall productivity, pointing out that Sri Lanka maintains one of the largest public sector workforces with relatively low wage levels compared to peer countries.

Committee members briefed the World Bank officials on the mandates and oversight functions of their respective committees.

Discussions also focused on key areas for reform and growth, including revenue collection improvement, job creation, poverty eradication, enhancing women’s participation in the economy, and strengthening sectors such as tourism, education, agriculture, and entrepreneurship.

The discussions also highlighted the importance of establishing efficiently run public-private partnerships (PPPs) as an alternative to full privatisation.

World Bank officials shared successful international case studies where well-structured PPPs contributed to enhanced service delivery and sustainable economic development.

These consultations underscore the commitment of both the Parliament of Sri Lanka and the World Bank to foster stronger institutional collaboration and drive forward sustainable economic development.

Source: The morning