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Monday, September 26, 2022

World Bank reiterates no new financing to Sri Lanka, denies reports of 700mn USD in aid

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ECONOMYNEXT – The World Bank reiterated on Monday (30) that it does not plan to offer new financing to Sri Lanka until an adequate macroeconomic policy framework is in place.

World Bank Country Director for the Maldives, Nepal and Sri Lanka Faris H. Hadad-Zervo tweeted Monday afternoon that media reports of World Bank support highlighting specific numbers were inaccurate.

He was ostensibly referring a statement by Sri Lanka’s Foreign Ministry that had claimed World Bank Country Manager in Colombo Chiyo Kanda had assured USD 700 million to Sri Lanka in the next few months.

“Recent media reports have given specific numbers of immediate World Bank support. This is not accurate. We are concerned for the people of #SriLanka and are working closely with development partners.

“We are repurposing some resources from existing projects & advising on policies to restore economic stability & help reverse policies of the past. Until an adequate macroeconomic policy framework is in place, the World Bank does not plan to offer new financing to Sri Lanka,” he said.

 

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