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The World Bank promised USD 700 million to Sri Lanka

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The World Bank has promised to send around USD 700 million to Sri Lanka in the coming months. The assurance comes after Foreign Minister Prof. G.L. Peiris requested assistance to address Sri Lanka’s current economic crisis.

According to the Foreign Ministry, Chiyo Kanda, World Bank Country Manager in Colombo, met with Minister of Foreign Affairs Prof. G.L. Peiris on Friday at the Ministry of Foreign Affairs (27).

Minister Peiris sought assistance from the World Bank until long-term assistance from the IMF, other international institutions, and donor countries became available.

According to the Foreign Ministry, the Minister emphasized the importance of reducing the budget deficit in the upcoming budget.

The Minister stated that the World Bank’s short-term financial assistance would be greatly appreciated until long-term solutions could be found. According to the World Bank Country Manager, her office collaborates with other organizations such as ADB, the Asian Infrastructure Investment Bank (AIIB), and the UN office.

Chiyo Kanda stated that the World Bank has encouraged them to “re-purpose” previously committed projects to assist the people of Sri Lanka during this difficult time.

In the midst of these developments, she added, the World Bank will disburse approximately USD 700 million to Sri Lanka in the coming months.

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