Ada Derana

Highly Factual

Prime Minister Dr. Harini Amarasuriya emphasized the urgent need to increase women’s participation in the economic sector, both globally and in Sri Lanka. She made these remarks yesterday (18) at the launch of the Women’s Entrepreneurial Financial Fund, organized by the Ministry of Finance and Economic Development, held at the Kingsbury Hotel in Colombo, according to the Prime Minister’s Media Division. Further addressing the event, the Prime Minister stated: “There are stark gender disparities in labor force participation, with only 47% of women globally and 32% in Sri Lanka being economically active, compared to 72% and 71% of men, respectively. It is crucial to address systemic barriers such as limited access to finance, markets, skilled labor, and technology, which hinder the entrepreneurial endeavors of women. Women in Sri Lanka also face numerous challenges due to unsafe public transport and workplace environments, as well as socio-cultural norms that place significant domestic responsibilities on them,” she said. According to the International Finance Corporation’s (IFC) MSME Finance Gap Report, there is an estimated global finance gap of USD 5.2 trillion for formal MSMEs and USD 2.9 trillion for informal MSMEs. Sri Lanka’s finance gap for MSMEs stands at approximately USD 17 billion, accounting for 21% of the country’s Gross Domestic Product (GDP). A significant contributing factor to this gap is the disproportionate impact on women-led MSMEs. Closing the financing gap for women entrepreneurs could unlock an additional USD 5-6 trillion in global economic value, the statement said. The Prime Minister also highlighted the Women Entrepreneurs’ Finance Goal (We Finance Goal), a global initiative aimed at enhancing access to finance for women entrepreneurs through leadership, action, and data-driven approaches. She further emphasized that Sri Lanka is among the first 24 countries to pilot this initiative, with the Asian Development Bank (ADB) supporting its implementation and successfully formulating the National Definition for Women-led Businesses in August 2024. Commending the Asian Development Bank (ADB) for its comprehensive support, the Prime Minister stated that the initiative has facilitated improved data collection and reporting, leading to better policy-making. She reaffirmed the government’s commitment to establishing a national coalition to support Women-led Micro, Small, and Medium Enterprises (WMSMEs), strengthening women’s economic empowerment, it added. The event was attended by Dr. Nandalal Weerasinghe, Governor of the Central Bank of Sri Lanka; Mr. Mahinda Siriwardhana, Secretary to the Treasury; officials from the Ministry of Finance and Economic Development; and representatives from banks and financial institutions.

Ada Derana

Highly Factual

Prime Minister Dr. Harini Amarasuriya highlighted that while women play a crucial role in Sri Lanka’s economic and social development, structural barriers still restrict their full participation in the economy. “Our government is committed to breaking these barriers by fostering an inclusive economic environment where women can thrive as business leaders, entrepreneurs, and exporters,” she said. The Prime Minister made this statement while addressing the launch of the She Trades Sri Lanka Hub, funded by the UK’s She Trades Commonwealth+ Program, held at Galle Face Hotel in Colombo yesterday (14). The event was organized by the Sri Lanka Export Development Board (EDB) and the International Trade Centre (ITC), according to the Prime Minister’s Media Division. While addressing the audience, the Prime Minister stated that the government has reaffirmed its commitment to breaking barriers that limit women’s full participation in the economy, recognizing their vital role in national development. Emphasizing gender-inclusive policies, financial inclusion, and access to global markets, authorities are prioritizing support for women-led businesses in key sectors such as ICT, agribusiness, and engineering. A new initiative will establish 200 women-led cooperatives, fostering supportive environments for female entrepreneurs. Additionally, efforts to strengthen childcare, elderly care, and disability services aim to reduce the burdens that limit women’s economic participation, the statement said. A dedicated platform has been launched to provide women entrepreneurs with knowledge, networking, and international trade opportunities. Strengthening public-private partnerships and expanding global market access are key strategies to create an inclusive and sustainable trade ecosystem. By equipping women with the necessary skills, financial resources, and digital trade access, the government aims to ensure that women entrepreneurs become key drivers of economic growth, aligning with broader policies for inclusive and sustainable development, it added. The event was attended by Ms. Pamela Coke-Hamilton, Executive Director of the International Trade Centre; Andrew Patrick, British High Commissioner to Sri Lanka; officials from the International Trade Centre and the British High Commission in Sri Lanka; Chairman of the Export Development Board, Mr. Mangala Wijesinghe; and officials from the Export Development Board and the International Trade Centre, along with women entrepreneurs.

Ada Derana

Highly Factual

Prime Minister Dr. Harini Amarasuriya has emphasized the urgent need for prompt and decisive measures to address the challenges, barriers, and discriminatory practices encountered by women both domestically and globally. The Prime Minister made these remarks on Saturday (22) while addressing the International Women’s Day celebration organized by the United Nations Association in Sri Lanka, held at the Sri Lanka Foundation Institute in Colombo, according to the Prime Minister’s Media Division. During the event, awards were presented in appreciation of women who have achieved significant accomplishments and earned societal recognition in different fields. Delivering the key note speech, the Prime Minister further stated: “Equally all women including young female must be protected irrespective of their socio-economic status, educational background, religion, ethnicity, disability, or any other personal identity. Their fundamental rights must be safeguarded. Sri Lanka has a proud history of strong women who have contributed significantly to the development of the nation and I am well aware that many such remarkable individuals are present in this esteemed audience today. Women are driving transformational change by assuming leadership roles in politics, business, and social initiatives. The government has implemented different policies and programme to empower women. The 2024 Women’s Empowerment Act has laid the foundation for new legal protections and the establishment of an Independent National Women’s Commission leading a significant step toward institutionalizing gender equality. The government has prioritized increasing the participation of women in workforce by introducing entrepreneurship and digital financial literacy programme for rural women, along with establishing nine ministries for uplifting the economic level of women and the entire nation. Several initiatives were also incorporated into the recently approved budget. Nevertheless, female representation in leadership, decision-making, and economic participation remains disproportionately low. While efforts have been made to create opportunities in education, economic development, and healthcare for women and young female, it is imperative to acknowledge that there are much more remains to be done. Although the women’s representation in Parliament has been doubled, it remains at approximately 10%. A greater representation of women is essential in political spheres, decision-making, and leadership roles. Currently, women’s participation in the formal workforce with pay is at 32%, which is significantly lower compared to the male counterparts. Some individuals assert that achieving work-life balance is an unattainable goal for women, while simultaneously expecting them to manage all responsibilities. However, it is important to acknowledge that it is not possible to do everything. What is truly required is the opportunity for women to pursue what they aspire to do, within families and a society that values and respect women. It is imperative to foster an environment that offers greater support for women. In this regard, recognizing and appreciating the caregiving responsibilities undertaken by unpaid women is essential. Gender-based violence and discrimination remain prevalent in society. Addressing these issues requires urgent legal and social reforms. The journey toward gender equality cannot be undertaken in isolation. As a nation committed to the United Nations Sustainable Development Goals, particularly Goal 5 on Gender Equality, it is essential to maintain strong global partnerships and take sincere steps toward the empowerment of women. In a rapidly evolving world, empowering women must go hand in hand with ensuring their active contribution to national development and the United Nations in Sri Lanka continues to serve as a valuable advisor and advocate for women’s rights.” Prime Minister Dr. Harini Amarasuriya reiterated the importance of implementing effective measures to identify and address the challenges, barriers, and discriminatory practices faced by women both locally and internationally, the statement added. The event was attended by the Minister of Foreign Affairs, Foreign Employment and Tourism, Vijitha Herath; Secretary-General to United Nations Association of Sri Lanka Mr. M.M. Rushaudeen; Assistant Secretary-General to United Nations Association of Sri Lanka Ms. Panchali Ratnayake; and several other distinguished guests.

Daily Mirror

Highly Factual

Dr. Harini Amarasuriya Prime Minister Dr. Harini Amarasuriya emphasised the urgent need to increase women’s participation in the economic sector, both globally and in Sri Lanka. She pointed out there are stark gender disparities in labour force participation, with only 47 percent of women globally and 32 percent in Sri Lanka being economically active, compared to 72 percent and 71 percent of men. “It is crucial to address the systemic barriers such as limited access to finance, markets, skilled labour and technology, which hinder the entrepreneurial endeavours of women,” said Dr. Amarasuriya at the launch of the Women’s Entrepreneurial Finance Code, this week. Women in Sri Lanka also face numerous challenges, she added, due to the unsafe public transport and workplace environments as well as sociocultural norms that place significant domestic responsibilities on them. According to the International Finance Corporation’s MSME Finance Gap Report, there is an estimated global finance gap of US $ 5.2 trillion for formal micro, small and medium enterprises (MSMEs) and US $ 2.9 trillion for informal MSMEs. Sri Lanka’s finance gap for MSMEs stands at approximately US $ 17 billion, accounting for 21 percent of the country’s gross domestic product. A significant contributing factor to this gap is the disproportionate impact on women-led MSMEs. Closing the financing gap for women entrepreneurs could unlock an additional US $ 5-6 trillion in global economic value. Dr. Amarasuriya also highlighted the Women Entrepreneurs’ Finance Goal (We Finance Goal), a global initiative aimed at enhancing access to finance for women entrepreneurs through leadership, action and data-driven approaches. She further emphasised that Sri Lanka is among the first 24 countries to pilot this initiative, with the Asian Development Bank (ADB) supporting its implementation and successfully formulating the National Definition for Women-led Businesses in August 2024. Commending the ADB for its comprehensive support, Dr. Amarasuriya stated that the initiative has facilitated improved data collection and reporting, leading to better policymaking. She reaffirmed the government’s commitment to establishing a national coalition to support women-led micro, small and medium enterprises, strengthening women’s economic empowerment.

Daily Mirror

Highly Factual

Sri Lanka’s women entrepreneurs now have a greater opportunity to unlock access to finance with the launch of the WE Finance Code in the island nation yesterday. This makes Sri Lanka one of the first pilot countries to introduce the initiative. The WE Finance Code, a global commitment funded by the Women Entrepreneurs Finance Initiative (We-Fi), aims to enhance women’s access to finance and support their economic empowerment. The Code is tailored to address Sri Lanka’s key priorities for women entrepreneurs through three main components: fostering a policy and regulatory framework focused on women-led small and medium-sized enterprises (SMEs), incentivizing private sector engagement—including through digital solutions—and promoting knowledge sharing through peer learning and new evidence. The WE Finance Code was launched in Colombo by the Asian Development Bank (ADB) in partnership with the Ministry of Finance, Planning, and Economic Development. ADB Country Head for Sri Lanka, Takafumi Kadono, emphasised that adopting the WE Finance Code is crucial for accelerating this initiative by establishing a national framework for entrepreneurship driven by data, leadership, and innovation. The commitment by financial service providers and government agencies to collect and analyze sex-disaggregated data will ensure that future policies and financial products are better tailored to meet the unique needs of this underserved growth segment, he said. “The WE Finance Code is about more than data. However, it is also about the leadership and action of the champions who commit their organizations to reporting and using the data to invest in women entrepreneurs,” said Kadono. Central Bank Governor Dr. Nandalal Weerasinghe, who graced the occasion, pointed out that the newly launched initiative will be “transformative” and serve as a guiding framework for financial institutions, policymakers, and stakeholders in creating a more inclusive and gender-equal financial system. “Aligned with global efforts to advance women’s economic empowerment, this initiative will open new opportunities for women entrepreneurs, particularly in the MSME sector, enabling them to contribute meaningfully to the broader economic development of Sri Lanka,” he said. Dr. Weerasinghe noted that the WE Finance Code initiative could be effectively promoted under the National Financial Inclusion Strategy (NFIS), creating strong synergies between both efforts. By establishing strategic actions for collaboration, Sri Lanka can ensure the successful achievement of shared goals, ultimately enhancing financial inclusion for all. The broader objective of the NFIS is to create an inclusive financial system that is accessible, affordable, and equitable for all. “This aligns perfectly with the WE Finance Code initiative, as both share a common vision of promoting financial inclusion. Financial inclusion is not merely about providing access to services; it is about ensuring these services meet the diverse needs of all segments of society,” he said. Echoing similar sentiments, Treasury Secretary Mahinda Siriwardana emphasised that implementing the WE Finance Code ensures Sri Lanka remains aligned with the global movement toward financial inclusivity and gender equality. “This is not merely a policy shift—it is a fundamental economic transformation,” he said. According to him, the initiative will allow Sri Lanka to enhance financial stability by ensuring that a more diverse range of businesses receive funding, promote innovation and entrepreneurship by enabling more women-led businesses to thrive, and increase overall economic productivity by integrating women more actively into the business sector. One of the biggest challenges in addressing financial inequality for women-led businesses in Sri Lanka has been the lack of reliable, gender-disaggregated data. The absence of accurate data has made it difficult for policymakers and financial institutions to identify and address barriers to financial inclusion, design targeted financial products that meet the unique needs of women entrepreneurs, and monitor progress while adjusting strategies based on real-time insights. The WE Finance Code mandates that all banks and financial institutions systematically collect and report gender-disaggregated data to the Central Bank of Sri Lanka (CBSL). CBSL will serve as the national aggregator for financial data, ensuring that financial policies are based on real, evidence-driven insights rather than assumptions. “This data-driven approach will allow us to fine-tune our policies, introduce necessary reforms, and ultimately create a more inclusive financial system,” said the Treasury Secretary.