News
World Bank plans to offer new financing to Lanka put off till macroeconomic policy framework in place
The World Bank Group expressing deep concern about the dire economic situation and its impact on the people of Sri Lanka yesterday said it does not plan to offer new financing to Sri Lanka until an adequate macroeconomic policy framework is in place.Issuing a statement, the World Bank Group said it is repurposing resources under existing loans in its portfolio 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.
To date, the World Bank has disbursed about US$160 million of these funds 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,” the global lender said.
“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, the statement affirmed.
“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,” the World Bank Group said.
BBC reported that thousands of people are being evacuated downstream of a major dam which has been blown up in Russian-held Ukraine.
President Zelensky said 80 towns and villages were at risk of flooding after the destruction of the dam at Nova Kakhovka, which he blamed on Russia. Water is surging down the Dnipro river and is said to pose a catastrophic flooding risk to the city of Kherson.
Russia has denied destroying the dam – which it controls – instead blaming Ukrainian shelling. Neither Ukraine or Russia’s claim has been verified by the BBC.
The Kakhovka dam is crucial in the region. It contains a reservoir, which provides water to farmers and residents, as well as to the Zaporizhzhia nuclear power plant. It is also is a vital channel carrying water south to Russian-occupied Crimea.
Video footage shows a torrent of floodwater gushing through a breach in the dam. Several towns are already flooded, while people in areas further downstream were forced to flee by bus and train.
Around 40,000 people need to be evacuated, Deputy Prosecutor-General Viktoriya Lytvynova said on Ukrainian television – 17,000 people in Ukraine-controlled territory west of the Dnipro River and 25,000 on the Russian-controlled east.
Chief of Staff to the President and National Security Advisor (NSA) Sagala Ratnayaka led the Sri Lanka delegation to the 20th IISS Shangri-La Dialogue, Asia’s premier Security Summit held in Singapore from 2 – 4 June 2023.
The highly anticipated summit commenced on 2 June with a powerful Keynote address delivered by Australian Prime Minister Anthony Albanese. Throughout the event, a series of plenary sessions delved into various crucial geo-political issues, encompassing the establishment of a stable and balanced Asia Pacific, the resolution of regional tensions, the evolution of maritime security in Asia, US leadership in the Indo-Pacific, and China’s latest security initiatives, among other topics.
During the Special Session focusing on ‘Defence Cooperation in the Indian Ocean Region,’ Ratnayaka delivered an impactful statement, participating alongside representatives from India, Oman, France, and the United States. He emphasized the significance of keeping big power rivalries and external conflicts out of the Indian Ocean, highlighting Sri Lanka’s efforts in the United Nations to declare the region as a zone of peace. Furthermore, he underscored the country’s contributions to preserving freedom of navigation and over flight, stressing the crucial need for constructive dialogue among all stakeholders in the Indian Ocean region to pursue shared interests.
The Cabinet of Ministers approved the proposal raised by the Minister of Health to reduce the maximum retail price of 60 medicines by 16% with effect from 15.06.2023 and review the price of medicines every three months
Australia and India set for showdown at The Oval
Thousands flee floods after dam collapse near Nova Kakhovka
Sagala Ratnayaka leads Sri Lanka delegation to 20th IISS Shangri-La Dialogue
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