World Bank Approves $700m IDA Loans For Sri Lanka

The loans come from World Bank’s concessionary International Development Association window

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By Allam Ousman

COLOMBO – Washington-based World Bank said it had approved 700 million US dollars in loans from its concessionary International Development Association window Sri Lanka as the island tries to recover from a currency crisis and sovereign default.

Sri Lanka’s economists tried ‘stimulus’ involving rate cuts and tax cuts to boost growth (close a perceived ‘output gap’) triggering serial currency crises and bankruptcy in 2022 in the worst crisis in the history of its soft-pegged central bank.

A large portion of its population was tipped into poverty and to hunger in currency float failed by a surrender rule which made food un-affordable to the less affluent at the debased exchange rate, analysts say.

A new Country Partnership Framework (an assistance package) for 2024-2027 was also approved. The CPF also involves additional support from World Bank arms, International Finance Corporation and the Multilateral Investment Guarantee Agency.

“The extent of the crisis in Sri Lanka is unprecedented, but offers a historic opportunity for deep reforms to reset the country’s economic storyline,” said Faris H. Hadad-Zervos, World Bank Country Director for Sri Lanka.

“The CPF supports this shift. Through a phased approach, the World Bank Group strategy focuses on early economic stabilization, structural reforms, and protection of the poor and vulnerable.

“If sustained, these reforms can put the country back on the path towards a green, resilient and inclusive development.”

The World Bank has approved 500 million US dollars for reforms in a combined International Monetary Fund, World Bank and Asian Development Bank reform package.

Another 200 million dollars were approved for an income supplement program for the poorest.

The loans come from World Bank’s concessionary International Development Association window to which the country had previously lost access as it became a middle income country which was eligible to less concessionary International Bank for Reconstruction and Development (IBRD) window.

Sri Lanka had 1.09 billion dollars of IBRD loans and 1.17 billion dollars of IDA loans as of June 26.

“Sri Lanka lost IBRD creditworthiness and cannot access additional IBRD financing,” the agency said.

“Upon the Government’s request, a reverse graduation to regain access to IDA concessional financing was approved. Until IBRD creditworthiness is re-established, Sri Lanka will have access only to IDA resources.” – EconomyNext

Allam Ousman
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