World Bank ready to provide emergency support to Sri Lanka

COLOMBO (News 1st); Minister of Finance Ali Sabry P.C. and his delegation, met with the top officials of the World Bank & the International Finance Corporation (IFC) including Country Director (World Bank) Faris Hadad-Zervos and Managing Director of IFC Makhtar Diop in Washington DC on 19th April 2022.

The discussion premised on the areas of assistance and possible paths for economic growth and economic stability. The two institutions have reiterated their commitment to work with the Government of Sri Lanka to find sustainable solutions to support and strengthen the Economy of Sri Lanka.

South Asian Vice President at the World Bank Hartwig Schafer said they stand ready to provide emergency support to Sri Lanka for essential medicines and health-related supplies, nutrition, and education.

He tweeted "Had a good meeting today with Finance Minister Ali Sabry Central Bank Governor Dr Nandalal Weerasinghe, discussed actions to address the economic crisis, support stabilization and recovery, and protect the vulnerable people."

The Finance Minister also had talks with the International Monetary Fund (IMF) and India's Finance Minister Nirmala Sitharaman in Washington on Monday (18).

The IMF has commended the steps already taken by the Finance Minister to mitigate the present financial situation in Sri Lanka, the report said.

The IMF has also assured their fullest support to Sri Lanka and a positive response has also been received to expedite the process to strengthen the support extended towards Sri Lanka.

As the island nation is experiencing its worst economic crisis in history, massive anti-government protests are being held throughout the country against the government's failure to tackle the crisis.

With long lines for fuel, cooking gas, essentials in short supply, and long hours of power cuts, the public has been suffering for months.