News

World Bank plans to offer new financing to Lanka put off till macroeconomic policy framework in place

Published

4 years ago

2022/07/31

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.

All News Advertisement

News

INS NIREEKSHAK makes port call in Colombo

Published

1 hour ago

2026/04/21

Priyan

The Indian Navy Ship (INS) NIREEKSHAK arrived in Sri Lanka for Operational Turnaround (OTR) and a training visit on 21 Apr 26.

The Sri Lanka Navy welcomed the visiting ship at the port of Colombo in accordance with time-honoured naval traditions.

Commanded by, Commander Sailesh Kumar Tyagi, this Diving Support Vessel is set to conduct a training programme with the diving professionals of the Sri Lanka Navy.

The crew is also scheduled to participate in several activities organized by the Sri Lanka Navy and visit some tourist attractions within the country.

Latest News

Advisory for Severe Lightning issued to the Western, Sabaragamuwa, Central, North-western, North-central, Southern, Uva provinces, and Mannar, Vavuniya, Ampara, Batticaloa districts

Published

4 hours ago

2026/04/21

Priyan

Advisory for Severe Lightning
Issued by the Natural Hazards Early Warning Centre
Issued at 12.00 noon 21 April 2026 valid for the period until 11.30 p.m. 21 April 2026

Thundershowers accompanied with severe lightning are likely to occur in the Western, Sabaragamuwa, Central, North-western, Northcentral, Southern, Uva provinces, and in Mannar, Vavuniya, Ampara, Batticaloa districts after 1.00 p.m.

There may be temporary localized strong winds during thundershowers. General public is kindly requested to take adequate precautions to minimize damages caused by lightning activity.

ACTION REQUIRED:

The Department of Meteorology advises that people should:
 Seek shelter, preferably indoors and never under trees.
 Avoid open areas such as paddy fields, tea plantations and open water bodies during thunderstorms.
 Avoid using wired telephones and connected electric appliances during thunderstorms.
 Avoid using open vehicles, such as bicycles, tractors and boats etc.
 Beware of fallen trees and power lines.
 For emergency assistance contact the local disaster management authorities

Latest News

Six Foreign Envoys Present Credentials to President Dissanayake

Published

6 hours ago

2026/04/21

Priyan

Two High Commissioners, three Ambassadors and an Apostolic Nuncio-designate of the Holy See presented their credentials to President Anura Kumara Dissanayake at the Presidential Secretariat this morning (20).

The ceremony, held at 10.00 a.m., followed the formal order of precedence, with the envoys representing Papua New Guinea, Somalia, Luxembourg, the Holy See, Pakistan and Kuwait.

Accordingly, diplomats who presented their credentials were:

01. Vincent Sumale, High Commissioner-designate of Papua New Guinea (Based in New Delhi)

02. Abdullahi Mohammed Odowa, Ambassador-designate of Somalia (Based in New Delhi)

03. Christian Biever, Ambassador-designate of Luxembourg (Based in New Delhi)

04. Monsignor Andrzej Józwowicz, Apostolic Nuncio-designate of the Holy See

05. Major General (Retd) Nayyar Naseer, High Commissioner-designate of Pakistan

06. Saleh Mubarak Al-Sarawi, Ambassador-designate of Kuwait

Following the presentation of credentials, the President engaged in a cordial discussion with them. The Minister of Foreign Affairs, Foreign Employment and Tourism, Vijitha Herath, and the Secretary to the President, Dr Nandika Sanath Kumanayake, were also in attendance.