During the 49th Annual General Meeting (AGM) of the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) held on September 23, 2026, Dr. Nandalal Weerasinghe, the Governor of the Central Bank of Sri Lanka (CBSL), discussed the positive shift in Sri Lanka’s economy, particularly noting a recent upgrade in the country’s sovereign rating by Fitch Ratings.
In his speech, Governor Weerasinghe announced that Fitch Ratings had elevated Sri Lanka’s sovereign credit rating from ‘CCC+’ to ‘B-‘, while also maintaining a Stable Outlook. He emphasized that this upgrade is indicative of the ongoing advancements in macroeconomic stabilization and structural reforms following the nation’s challenging economic crisis.
The improvement in macroeconomic stability has laid a stronger groundwork for the next phase of development in Sri Lanka. The country is now transitioning its focus from merely managing the crisis to leveraging this stability for sustainable investment, increased productivity, and long-term economic growth.
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The AGM, themed “Partnerships for Prosperity: Unlocking Regional Potential,” drew representatives from 97 member institutions across 42 countries, convening in Sri Lanka. In his address to the attendees, Governor Weerasinghe pointed out that, while the Asia-Pacific region remains a vital driver of global economic growth, it faces challenges from rising geopolitical tensions, trade fragmentation, and climate-related risks that threaten economic resilience.
To address these challenges, he advocated for enhanced regional economic integration, the establishment of resilient supply chains, and improved financial linkages to bolster investments, particularly in small and medium-sized enterprises (SMEs).
Governor Weerasinghe also highlighted Sri Lanka’s advancing financial framework aimed at sustainability, including the National Climate Finance Strategy for 2025–2030 and the CBSL’s Sustainable Finance Roadmap 2.0 (2025–2029). These initiatives are designed to attract both domestic and international capital for climate-resilient infrastructure, renewable energy projects, and sustainable agriculture practices.
Furthermore, Sri Lanka has upgraded its digital payment systems by integrating the national LANKAQR network with prominent regional and international platforms such as India’s UPI, UnionPay, Alipay+, WeChat Pay, and NepalPay. These cross-border digital payment connections, backed by the National Payment System Roadmap for 2026–2027, aim to enhance tourism, lower transaction barriers, and promote economic integration throughout South and East Asia.
In closing, Governor Weerasinghe urged regional Development Finance Institutions (DFIs) and private sector collaborators to shift from dialogue to action, emphasizing the need to transform regional relationships into shared prosperity.
