• Govt. to establish new development bank for microfinance with women’s involvement
• Treasury guarantees for female entrepreneurs     

The United Nations Development Programme (UNDP), Assistant Secretary General Kanni Wignaraja, who met with President Anura Kumara Dissanayake yesterday (14) at the Presidential Secretariat, noted the low level of women’s participation in the economy including that rural women face significant challenges in financial literacy, thus limiting their involvement in economic activities, while the farming sector, in particular, suffers from poor economic literacy, resulting in underrepresentation in the national economy.

The discussion primarily focused on Governance, constitutional reforms, and the electoral system, according to the President’s Media Division.

Wignaraja presented the report on ‘Understanding Multidimensional Vulnerabilities: Impact on the People of Sri Lanka’ to President Dissanayake. Based on the findings of this report, the UNDP assured its support for Sri Lanka’s development efforts. The UNDP expressed willingness to assist with digitalisation programs, highlighting it as a critical tool to minimise corruption.

Discussing Sri Lanka’s low agricultural productivity compared to other Asian nations, President Dissanayake explained that many farmers have small plots of land and do not view farming as their primary source of income. To address this, the Government plans to strengthen farmers’ associations, which would help improve their bargaining power and agricultural activities. 

Discussing reforms to the electoral system, President Dissanayake pointed out that such reforms should ensure inclusive representation of ethnic and religious communities. Addressing concerns on the microfinance sector, the President explained that the interests charged are unfair and that the current administration therefore plans to establish a new development bank to support the microfinance sector, with a focus on the greater involvement of women. The Government also plans to provide Treasury guarantees for the best proposals submitted by female entrepreneurs to help them secure capital.

The UNDP reaffirmed its commitment to supporting the Government’s reforms, anti-corruption efforts, and increasing women’s participation in both the economy and the Parliament.