The Asian Development Bank (ADB) yesterday said it has approved $ 100 million
in financing to support reforms and investments that will strengthen social protection, economic inclusion, and well-being and resilience among the poor and elderly in Sri Lanka.
The financing comprises a $50 million policy-based loan and a $50 million project loan.
The ‘Promoting Resilience and Opportunity for Inclusive Recovery Sector Development Program’ will help the Government of Sri Lanka expand livelihood and employment opportunities for low-income households, improve eldercare services, and boost the effectiveness and responsiveness of the country’s social protection system.
“Sri Lanka’s economic recovery must translate into meaningful improvements in the lives and livelihoods of vulnerable people,” said ADB Country Director for Sri Lanka Shannon Cowlin. “This program will help expand economic opportunities for poor households, strengthen social care services for an aging population, and build a more inclusive, responsive, and resilient social protection system that supports long-term recovery and shared prosperity.”
Despite Sri Lanka’s continued economic recovery, poverty and vulnerability to shocks remain high, particularly among women, the young, the elderly, persons with disabilities, and populations in rural and disadvantaged regions. The program will address these challenges through policy reforms, institutional strengthening, and investments in livelihoods and care services.
The program will support the implementation of the government’s National Empowerment Program, providing 30,000 households identified through the Aswesuma social registry across six districts, including women and youth, with livelihood grants, employment and business support, skills development and financial literacy training, and access to reliable markets.
The program will strengthen the policy and regulatory framework for eldercare services and establish five model elderly day care centers in poorer districts. The centers will provide integrated care and support services while serving as demonstration sites to test and refine eldercare models that can be scaled up nationwide.
The program will also strengthen social protection delivery by enhancing monitoring and evaluation systems, digital platforms, case management, and data governance. These investments will be complemented by measures to strengthen the system’s shock responsiveness, including institutional arrangements and coordination mechanisms to ensure timely and effective support during shocks related to the changing climate and other emergencies, the ADB said.
Source: Daily FT
