World Bank expresses support to Sri Lanka during meeting with Finance Minister Sabry
Daily FT: The World Bank on Tuesday (19) expressed fresh support to Sri Lanka during a meeting with Finance Minister Ali Sabry in Washington DC. World Bank’s private sector investment arm International Finance Corporation (IFC) was also associated at the meeting.
World Bank Vice President for South Asia Hartwig Schafer, Country Director Faris Hadad-Zervos and IFC Managing Director Makhtar Diop held talks with Lankan delegation that included Central Bank Governor Dr. Nandalal Weerasinghe and Treasury Secretary Mahinda Siriwardena.
The discussion premised on the areas of assistance and possible paths for economic growth and economic stability, the Finance Ministry said. The World Bank and IFC have reiterated their commitment to work with the Government of Sri Lanka to find sustainable solutions to support and strengthen the economy of Sri Lanka, the Finance Ministry added.
Post-meeting Schafer in a Twitter post said the World Bank is concerned about the impacts of the crisis on the poor and vulnerable and they discussed actions to address the economic crisis, support stabilisation and recovery, and protect the vulnerable people. “Had a good meeting today with Sri Lanka’s Finance Minister Ali Sabry and Central Bank Governor Weerasinghe, discussed actions to address the economic crisis, support stabilisation and recovery, and protect the vulnerable people,” Schafer said.
“We at the World Bank are deeply concerned about the impacts of the crisis on the poor and vulnerable and stand ready to provide emergency support for essential medicines and health-related supplies, nutrition, and education,” he added.
Sri Lanka’s economy has shown great resilience to external and internal challenges through the years and is once again on the path to recovery after facing the impact of the global Covid 19 pandemic and the economic challenges brought about by it. The country’s ongoing development programme and the positioning of the country as a growing business destination in the South Asian region have all helped increase the country’s business potential. Many bilateral and multilateral financial institutions have expressed support to Sri Lanka due to the growing business potential in the country. Sri Lanka’s geographical positioning in the Indian Ocean and the many trade agreements as well as concessions enjoyed by the country have also added to the country’s growing business potential. Foreign businesses/investors could confidently explore the growing opportunities in Sri Lanka.
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