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Tuesday, August 9, 2022

World Bank assures support to Sri Lanka

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The World Bank’s Country Director for Sri Lanka Faris Hadad-Zervos said that the World Bank would extend further support after reaching an agreement with the International Monetary Fund.

This was stated at a discussion between World Bank representatives and President Gotabaya Rajapaksa at the President’s House in Colombo, yesterday(29).

There are 17 ongoing World Bank-funded projects in Sri Lanka. The World Bank’s Country Director for Sri Lanka Faris Hadad-Zervos, said that the projects were being redesigned to provide financial assistance to meet the current crisis.

Explaining the current situation in the country, the President pointed out the need to provide the World Bank loan assistance to banks and financial institutions.

The President requested the representatives to take necessary measures to issue such financial assistance at low interest rates to the people engaged in agriculture, livestock, small and medium scale enterprises and businesses.

Representatives of the World Bank said that they have already decided to allocate funds for domestic gas and fertilizer supplies.

Tax increases, the removal of diesel and kerosene subsidies will have a severe impact on many sectors including fisheries.

The government is also concerned about other groups at risk. The President said that these issues would have to be considered in reaching an agreement with the International Monetary Fund (IMF).

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