Top representatives from the World Bank have said that the World Bank will continue to support Sri Lanka’s development reforms program.
In this respect, the World Bank has agreed to provide nearly US$ 1.5 billion to Sri Lanka for the next two years.
This assurance has been given by the Vice President of the South Asian Region of World Bank, Martin Raiser and a group of World Bank representatives who met President Ranil Wickremesinghe at the Presidential Secretariat recently.
The World Bank representatives had pledged once the IMF approval is given for its EFF facility, they will allocate these funds for the next two years and its first tranche will be released along with that.
The World Bank representatives said that the World Bank will provide technical assistance in the drafting of laws for development policy operations, as well as work to provide additional guidance and support regarding the use of international media and welfare benefits.
The World Bank Development Policy Operational Program was fully discussed and the President and World Bank representatives commented on its progress.
Improving financial supervision and credit management, improving tax administration, sovereign-financial sector linkages and reducing systemic risks; maintaining stability and confidence in the banking sector, restructuring and divestment, reducing policy uncertainty and increasing competitiveness in the economy, mobilising private capital and competition in the broadband market, strengthening the social security institution, delivery system and targeting was discussed at these meetings.