Macro-economic policy framework first – WB

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Although it is concerned about the people affected by the economic crisis in Sri Lanka, the World Bank (WB) does not plan to offer new financing to the country until an adequate macro-economic policy framework is in place, the WB in a statement said.

To help alleviate severe shortages of essential items such as medicines, cooking gas, fertiliser, meals for schoolchildren and cash transfers for poor and vulnerable households, we are repurposing resources under existing loans in our portfolio, the WB said, adding,

“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 maximise the impact of our support for the people of Sri Lanka.

This requires deep structural reforms that focus on economic stabilisation, 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,” the WB pointed out.