No plans to offer financing to SL until adequate macroeconomic policy framework in place: WB

29 July 2022 11:47 am - 19 - {{hitsCtrl.values.hits}}

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While claiming that it is deeply concerned about the dire economic situation and its impact on the people of Sri Lanka, the World Bank said that “until an adequate macroeconomic policy framework is in place, the World Bank does not plan to offer new financing to Sri Lanka.”

The bank also stated ; 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, we are repurposing resources under existing loans in our portfolio. To date, about US$160 million of these funds has been disbursed to meet urgent needs. In addition, other ongoing projects continue to support basic services, the delivery of medicine and medical supplies, school meals and tuition waivers.

We are working closely with implementing agencies to establish robust controls and fiduciary oversight to ensure these resources reach the poorest and most vulnerable. We will continue to monitor this closely. We are also coordinating closely with other development partners to maximize the impact of our support for the people of Sri Lanka.

Until an adequate macroeconomic policy framework is in place, the World Bank does not plan to offer new financing to Sri Lanka. This requires deep structural reforms that focus on economic stabilization, and also on addressing the root structural causes that created this crisis to ensure that Sri Lanka’s future recovery and development is resilient and inclusive.

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Comments - 19

Johan Friday, 29 July 2022 01:09 PM

WB is right.. Government priority seems to eliminate the political threat and people uprising.. You better hold your fund.. it will be used for their political gains only.

anura hettiarachchi Friday, 29 July 2022 01:25 PM

Now where is the man who claims he has international connections? We can be only he has good connection s to Thugs and Goons....

Freddy Foxx Friday, 29 July 2022 01:31 PM

That former idiot Governor of the CB pompously said - we don't want the IMF, but eventually had to go o knees witha begging bowl. What will the partner of the CB mega robbery who presently hold the strings of the CB purse say to this

Iwazaru Friday, 29 July 2022 01:35 PM

Nice. Now where is the so call Mr. Dirty. He claimed to have called all the lending agencies for financial assistance and this is the result. No developed western country has offered any assistance to this government. The only option left is to go for a fresh election or mandate from the people.

Volker Metzger Friday, 29 July 2022 01:38 PM

The system of corruption and the corresponding politicians must be removed ! That's Fonsekas correct demand !!!

TONI Friday, 29 July 2022 01:59 PM

OUR FINANCIAL EXPERTS DONT AGREE.

Volker Metzger Friday, 29 July 2022 02:41 PM

The system of corruption and the corresponding politicians must be removed ! That's Fonsekas correct demand ! That's the only way to get the help of the IWF ! Otherwise no help through IWF !

Ram Friday, 29 July 2022 03:47 PM

We will not get help from World Bank or IMF in the foreseeable future as we can never formulate the policy framework

anura hettiarachchi Friday, 29 July 2022 03:51 PM

Continuance of "Sorry state of affairs" for All Sri Lankans has been guaranteed by RW and all other rajapassas' goons

Karunapala Adhihetti Friday, 29 July 2022 03:51 PM

It is better to recover all stolen money from Sri Lanka by the politicians. Then we do not need any WB or IMF donations!!

Fill your cars with water Friday, 29 July 2022 03:54 PM

So Sri Lanka is f$

Jef Friday, 29 July 2022 04:06 PM

Sri Lanka in general have a massive problem with politicians and system plus no proper procedures to fix internal major issues we have a very poor law and order government got no solid policys the foriegn counterparts will not fall in to trap sri Lanka to survive we need to get rid of our current political system and replace with tough measures judicial system to come out of the massive mess its going to take some beating but that's the future we can't play games anymore if not all of us going to face ugly future ahead....politicians have to make a compromise and give a chance for the best team to represent that would be the last solution and do what's best for the nation that would be a blessing .

horawahallu Friday, 29 July 2022 04:07 PM

World Bank, Asian Development Bank, JAICA, EU.. this is over to you,, Dont give any money for this junta.

Kumar Friday, 29 July 2022 04:07 PM

Perfect. I hope our PM and president understand the wording from WB.

Lanka putha Friday, 29 July 2022 04:45 PM

Very sad news. Only poor people are going to suffer. These politicians playing games with the poor people's life.

Rex Jarkie Saturday, 30 July 2022 04:55 AM

Where is Finance minister show plans all talk nothing happening

Nuwan Saturday, 30 July 2022 05:52 AM

No one commenting here seem to understand what world bank is saying. That's the sadness of the situation. WB talks about macroeconomic reforms. It's just about law and order, international relations etc. It's about tax policy. Increase taxes. Close tax loopholes, privatise the loss making state owned enterprises, cut the government red tape, cut the government service. SL government is like a drug addict. He spends most of his money on drugs. WB and IMF wants it to go and get rehabilitated. Then they will help him. Hope people get it.

DOT Saturday, 30 July 2022 07:12 AM

Better Late than never !

Peter Saturday, 30 July 2022 07:13 AM

You’re too funny.

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No plans to offer financing to SL until adequate macroeconomic policy framework in place: WB

Comments - 19

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