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Friday July 1st, 2022

World Bank, ADB, AIIB to work together on financing Sri Lanka

ECONOMYNEXT – The World Bank, Asian Development Bank and the Asia Infrastructure Investment Bank said they will work on a ‘joint action plan’ to help Sri Lanka during its latest currency crises, the worst in the history of its 72 year old central bank.

“All three institutions are adopting a co-ordinated approach to sustain basic services and livelihoods and to mitigate the impact of the economic crisis on the people of Sri Lanka,” the lenders said in a joint statement.

“This includes access to essential items such as medicines, cash assistance, gas and fertilizer through the reallocation of resources from existing projects.”

On May 19, Sri Lanka’s Treasury Secretary had convened a ‘Joint Co-ordinating Meeting’ with the AIIB, ADB and World Bank. (Colombo/May20/2022)

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