The Central Bank of Sri Lanka (CBSL) has entered into a Memorandum of Understanding (MoU) with Australia’s Skills for an Inclusive Economy program to launch a pilot project aimed at enhancing digital financial literacy among micro, small, and medium enterprises (MSMEs). This initiative is vital for fostering Sri Lanka’s economic recovery and promoting inclusive growth. The pilot will assess specific strategies to improve access to financing, boost collaboration among institutions, and create a more supportive environment for MSMEs. Insights gained from this project will help shape future policies and programs, with CBSL looking to expand successful strategies in collaboration with national and international partners.
During the signing ceremony, Dr. P. Nandalal Weerasinghe, the Governor of the Central Bank of Sri Lanka, emphasized that this initiative demonstrates CBSL’s dedication to implementing practical, evidence-based solutions. He stated, “This pilot will enable us to explore and refine methods that can be scaled in the future to achieve sustainable results for MSMEs nationwide.” His Excellency Matthew Duckworth, the Australian High Commissioner to Sri Lanka, highlighted the significance of sustainability and long-term impacts. “Australia is delighted to collaborate with the Central Bank of Sri Lanka on this project. From the beginning, the emphasis has been on establishing systems and partnerships that can endure and expand, ensuring that the advantages extend well beyond the pilot stage,” he remarked.
This initiative is part of broader efforts aimed at fostering inclusive economic development and enhancing institutional capabilities, reflecting Australia’s ongoing partnership with Sri Lanka in supporting reforms that lead to economic stability, resilience, and shared prosperity. Representatives from the Australian High Commission, including Ms. Zoe Kidd, First Secretary (Development), and Mr. R. Sivasuthan, Senior Programme Officer, reiterated Australia’s commitment to working in close collaboration with the Central Bank of Sri Lanka to ensure that the pilot yields practical insights and sustainable outcomes, paving the way for future expansion. The MoU between CBSL and Australia’s Skills for an Inclusive Economy (S4IE) program showcases a mutual dedication to enhancing digital financial literacy for MSMEs. The pilot aims to evaluate effective approaches that can be progressively scaled to foster inclusive economic growth and ensure long-term sustainability.
Caption: Dr. P. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka, and His Excellency Matthew Duckworth, Australian High Commissioner to Sri Lanka, during the signing of the Memorandum of Understanding.
