Sri Lanka and Australia collaborate on governance strengthening with Rs. 6.3 b funding

Thursday, 1 February 2024 00:08 - - {{hitsCtrl.values.hits}}

Sri Lanka and Australia yesterday signed a 10-year subsidiary arrangement that commits an initial AUD 30 million (Rs. 6.3 billion) over five years to support improved governance in Sri Lanka.

Through a suite of programs, the arrangement supports the Sri Lankan Government, non-profit institutions and civil society to improve evidence-based policy and decision-making, deliver better services for communities, and increase the voice and agency of marginalised groups, including women.

Lead delivery partners include the World Bank, The Asia Foundation, and International Foundation of Electoral Systems. The program will also support twinning arrangements between Australian and Sri Lankan institutions.

This investment builds on a previous five-year arrangement valued at AUD 31 million (Rs. 6.5 billion) over five years.

Finance Ministry Secretary Mahinda Siriwardana noted that in line with the IMF Governance Diagnostic and program for Sri Lanka, supporting improved governance is necessary to deliver long term economic growth and stability.

Australian High Commissioner Paul Stephens said Australia is pleased to continue its long-standing assistance.

“Strong governance systems are critical to support resilient and inclusive economic growth, and to ensure that all Sri Lankans stand to benefit from that growth,” the High Commissioner said.