World Bank rules out new financing to Sri Lanka

Sri Lanka
By Editor_1
0

COLOMBO – The World Bank has said it does not plan to offer any new financing to Sri Lanka until an adequate macroeconomic policy framework is in place.

Issuing a statement on Tuesday (24), the World Bank refuted recent media reports that claimed  the World Bank was planning support for Sri Lanka in the form of a bridge loan or new loan commitments, calling the reports ‘inaccurate among other incorrect assertions’.

However, the Bank said it was concerned for the people of Sri Lanka and was working in coordination with the International Monetary Fund (IMF) and other development partners in advising on appropriate policies to restore economic stability and broad-based growth.

The Bank clarified it was 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.

Sri Lanka is suffering the worst currency crisis in the history of its 72 year-old intermediate regime central bank with rupee collapsing from 200 to 380 to the US dollar and inflation soaring to around 30% by April.

The IMF has said Sri Lanka’s debt is unsustainable and has to be restructured, and called for a new fiscal and monetary program. Other multilateral lenders have also asked for a macro-fiscal sign off to make sure the new loans are able to be repaid and does not further put the country into a debt crisis.

-ENCL

Editor_1
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