Sri Lanka economic reform: Proposal for integrated development agency

Professor Asoka S. Seneviratne has proposed the creation of a single, unified national economic development agency in Sri Lanka to drive long-term economic transformation. While the country has worked to restore macroeconomic stability, the proposal suggests that stability alone is insufficient to achieve higher productivity, expanded exports, and improved living standards.

Currently, Sri Lanka’s investment and development landscape is fragmented across several institutions, including the Board of Investment (BOI), the Export Development Board (EDB), and the National Business Facilitation Centre (NBFC). This separation can lead to bureaucratic complexities, as investors must navigate various approvals and regulatory requirements across different agencies.

The push for integration aims to align investment, production, and export strategies into a coherent national framework. This institutional shift is viewed as particularly critical as Sri Lanka approaches the scheduled conclusion of its current International Monetary Fund (IMF) programme in March 2027, necessitating a transition from stabilization to sustained growth.