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Sri Lanka in talks with World Bank for emergency credits, fast disbursements

ECONOMYNEXT – Sri Lanka is in talks with the World Bank to re-align a part of existing programs as the island fights off Coronavirus, and also accelerate draw downs using emergency components, a top official said.

“We talking to with the World Bank to re-align some of their existing programs and accelerate disbursement,” Treasury Secretary S R Attygalle said.

The World Bank is a top lender to Sri Lanka and has several ongoing programs, a part of which could be re-directed to fight the current pandemic.

Revenues of governments around the world have been hit by lockdowns.

Many World Bank loans also has a Contingent Emergency Response Component (CERC) where part of the project funds can be re-directed if a national emergency is declared.

The Washington-based lender had already approved a 128 million US dollar health package for Sri Lanka a part of which could be used immediately.

World Bank approves USD 128 million COVID-19 support for Sri Lanka

Sri Lanka’s central bank has also requested International Monetary Fund loan under its Rapid Finance Instrument. (Colombo/Apr22/2020)

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