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Sri Lanka to get US$1.3bn in World Bank aid

Jul 12, 2017 16:14 PM GMT+0530 | 0 Comment(s)

ECONOMYNEXT - Sri Lanka will receive $1,340 million worth of financial and technical assistance from the World Bank Group for the 3-year period starting from July 1, 2017, the finance ministry said.

The aid will be under the IDA (International Development Association) Transitional Support Facility, a statement said.

Previously, Sri Lanka received $660 million in IDA support from 2014 to 2017.

Sri Lanka is expected to access about $300 million a year for the next three years from IBRD (International bank for Reconstruction and Development).

“This assistance comes as financial assistance for development projects and technical assistance for analytical and advisory services,” the statement said.

The new aid programme was revealed when World Bank Country Director for Sri Lanka and the Maldives Idah Z Riddihough called on Minister of Finance and Mass Media Mangala Samaraweera on Tuesday.

Public Sector Efficiency Project and the Country Readiness for Public Private Partnerships (PPP) are the two projects proposed to be implemented by the Ministry of Finance with financial and technical support from the World Bank.

The Social Safety Nets Project is the ongoing project with World Bank aid, the ministry said.

Riddihough was quoted as saying that, despite significant challenges, Sri Lanka’s growth remained broadly satisfactory in 2016 and early 2017.

The World Bank recognizes the corrective policy measures taken in 2016 following expansionary fiscal and monetary policies implemented in the previous year as early signs of stabilization, she said.
(COLOMBO, July 12, 2017)


 

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