Sri Lanka: Asian Development Bank Member Fact Sheet 2018

Abstract

Over the past decade, Sri Lanka has made rapid strides toward its development goals, halving its poverty rate to low single digits and improving human development. While the country now stands close to reaching upper-middle income status, it needs to foster more inclusive and sustainable momentum for economic growth. In 2018, Sri Lanka’s economic growth remained subdued as it faced challenges stemming from domestic and external factors. Since 1966, the Asian Development Bank (ADB) has been a strong partner in the development of Sri Lanka, signing loans, grants, and technical assistance totaling $9.7 billion, and making ADB the country’s largest source of multilateral development assistance.