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* World Bank not planning to offer new financing to Sri Lanka, repurposing from approved projects
Wed, May 25, 2022, 07:56 am SL Time, ColomboPage News Desk, Sri Lanka.

May 25, Colombo: The World Bank on Tuesday said it is not planning to provide any new financing to Sri Lanka until an adequate economic policy framework is in place.

Issuing a statement, the global lender said recent media reports have inaccurately stated that the World Bank is planning support for Sri Lanka in the form of a bridge loan or new loan commitments, among other incorrect assertions.

“We are concerned for the people of Sri Lanka and are working in coordination with the IMF and other development partners in advising on appropriate policies to restore economic stability and broad-based growth.”

Until an adequate macroeconomic policy framework is in place, the World Bank said it does not plan to offer new financing to Sri Lanka.

“We are currently repurposing resources from previously approved projects to help the government with some essential medicines, temporary cash transfers for poor and vulnerable households, school meals for children of vulnerable families, and support for farmers and small businesses,” the statement said.

 

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