{"id":132648,"date":"2023-03-02T16:21:09","date_gmt":"2023-03-02T23:21:09","guid":{"rendered":"https:\/\/www.lankaweb.com\/news\/items\/?p=132648"},"modified":"2023-03-02T16:21:09","modified_gmt":"2023-03-02T23:21:09","slug":"world-bank-to-support-sri-lankas-path-towards-resilient-recovery-vp","status":"publish","type":"post","link":"https:\/\/www.lankaweb.com\/news\/items\/2023\/03\/02\/world-bank-to-support-sri-lankas-path-towards-resilient-recovery-vp\/","title":{"rendered":"World Bank to support Sri Lanka\u2019s path towards \u2018resilient\u2019 recovery \u2013 VP"},"content":{"rendered":"

Courtesy Adaderana<\/em><\/span><\/h2>\n\n\n

World Bank Vice President for South Asia, Martin Raiser has reaffirmed the World Bank\u2019s continued support to help navigate Sri Lanka\u2019s navigate economic challenges, implement critical reforms, and chart a path towards a resilient and inclusive recovery.<\/p>\n\n\n\n

During his four-day visit to the island nation, which concluded on 28 February, Raiser met with President and Minister of Finance Ranil Wickremesinghe, Secretary of the Treasury, Governor of the Central Bank, senior government officials, development partners, and key opinion leaders including members of Sri Lanka\u2019s political opposition, thinks tanks, civil society organizations and academia.<\/p>\n\n\n\n

The people of Sri Lanka have been deeply affected by the macro and debt crisis affecting the country. The depth of the crisis has made it clear that Sri Lanka needs a new development model, but this requires greater confidence in and understanding of the government\u2019s reforms\u201d, said Martin Raiser. <\/p>\n\n\n\n

Improved communication and consistent implementation of the reform and adjustment program is urgent, as is faster international debt relief and financial support to ensure people don\u2019t lose patience and the opportunity for a change isn\u2019t lost.\u201d<\/p>\n\n\n\n

During the visit, Raiser discussed progress on reforms to transform economic governance in Sri Lanka through strengthened institutional and fiscal oversight and better debt management. <\/p>\n\n\n\n

He also stressed that greater transparency, improved governance, support for job creation, as well as better targeted protection for the poorest are critical to garner and sustain public support for reforms.<\/p>\n\n\n\n

Raiser also visited North Central and Northwestern Provinces to observe first-hand World Bank-funded projects in the health and agriculture sectors, and to engage with a broad range of stakeholders on Sri Lanka\u2019s development needs.<\/p>\n\n\n\n

The World Bank was among the first to respond to Sri Lanka\u2019s economic crisis, with the Bank\u2019s emergency response having repurposed $325 million from existing projects to protect the poor and vulnerable from the worst impacts of the crisis.<\/p>\n\n\n\n

In December, the Bank approved Sri Lanka\u2019s request to access concessional financing from the International Development Association (IDA). <\/p>\n\n\n\n

This type of financing, offered at low interest rates, will enable the country to implement its government-led reform program to stabilize the economy and protect the livelihoods of millions of people facing poverty and hunger\u201d, a statement issued by the World Bank read.<\/p>\n\n\n\n

The World Bank Group has started preparing a new Country Partnership Framework for the next four years (2023-2026) with a focus on private sector led job creation, inclusion, preservation and strengthening of human and natural capital, improved governance, and a shift towards a greener growth path\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"

Courtesy Adaderana World Bank Vice President for South Asia, Martin Raiser has reaffirmed the World Bank\u2019s continued support to help navigate Sri Lanka\u2019s navigate economic challenges, implement critical reforms, and chart a path towards a resilient and inclusive recovery. During his four-day visit to the island nation, which concluded on 28 February, Raiser met with […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102],"tags":[],"class_list":["post-132648","post","type-post","status-publish","format-standard","hentry","category-economy"],"_links":{"self":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/132648","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/comments?post=132648"}],"version-history":[{"count":0,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/132648\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/media?parent=132648"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/categories?post=132648"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/tags?post=132648"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}