Jul 29, 2022

World Bank refuses funding until proper policies are in place Featured

The World Bank says it does not plan to offer new financing to Sri Lanka, until an adequate macroeconomic policy framework is in place.

Issuing a statement today, the World Bank said the group is deeply concerned about the dire economic situation and its impact on the people of Sri Lanka.

The World Bank noted that they are repurposing resources under existing loans of the Groups portfolio to help alleviate severe shortages of essential items such as medicines, cooking gas, fertilizer, meals for school children and cash transfers for poor and vulnerable households.

The World Bank revealed that approximately USD $160 million of these funds has been disbursed to meet urgent needs.

Additionally, the Group said other ongoing projects will continue to support basic services, the delivery of medicine and medical supplies, school meals and tuition waivers.