The World Bank is deeply concerned about the prevailing economic situation in Sri Lanka and the impact on people. The bank is working on providing emergency support for poor and vulnerable households to help them weather the economic crisis, said a senior official of the bank on Tuesday.
He said much as our emergency response support in the early days of the Covid-19 pandemic, this would involve the repurposing of existing resources in the WB-financed projects to quickly respond with urgent measures in health, nutrition, and education as well as possible support to safety nets. We remain committed to the wellbeing of the people of Sri Lanka, and to a narrative of sustainable and inclusive growth that will require concerted and collective action, the official said adding that longer term plans will be discussed and finalised as we prepare the next Country Partnership Framework for Sri Lanka for 2023–2027.
Sri Lanka is a lower-middle-income country with a GDP per capita of USD 3,852 (2019) and a total population of 21.8 million.
With over six decades of partnership with Sri Lanka, the World Bank Group continues to support Sri Lanka’s transition to a more competitive, inclusive, and resilient country.
The Government and the World Bank signed a $500 million financing agreement to provide safe, efficient and climate resilient connectivity to strengthen agricultural supply chains through the Inclusive Connectivity and Development Project last year.
The project is expected to benefit around 16 million people living in rural communities in selected districts of Sri Lanka.
The South Asia Region is at a pivotal stage of development. In recent decades, rapid economic growth, and progress across several sectors — including education, infrastructure, health, and agriculture — helped reduce poverty and improve the lives, well-being and opportunities for millions of South Asians.
The World Bank has been a long-term partner for the countries of South Asia — in times of prosperity and in times of crisis.
Since the start of the pandemic in March 2020, the World Bank support for South Asia has reached more than $23 billion.
The initial focus has been on the health emergency response and protecting the most vulnerable. Going forward, our priority is to pave the way for a green, resilient, and inclusive recovery.
Nearly $11 billion of the overall $23 billion in World Bank support has been directly channelled for Covid-19 response, helping to save lives, protect the poor and vulnerable, support business growth and job creation, and strengthen policies and institutions.