WB to double funds to Sri Lanka

Praise for Sri Lanka’s economic development:

WB recognizes SL’s emergence as growing economy:

The World Bank (WB) will double its funds available to Sri Lanka next year, said its Managing Director Dr Ngozi Okonjo-Iweala when International Monetary Cooperation Senior Minister Dr Sarath Amunugama called on her in Washington.

Dr Amunugama met Dr Okonjo-Iweala in Washington DC, on the sidelines of the IMF and WB Spring Meetings on April 17. Dr Amunugama conveyed his appreciation to the WB for supporting the country’s development programme.

He and the delegation discussed developments, outlook and the WB’s assistance to Sri Lanka.

Dr. Okonjo-Iweala reiterated the WB commitment to Sri Lanka, especially in supporting programmes designed to encourage inclusive growth throughout the country. She also noted the World Bank’s willingness to increase support to complement the ambitious development aspirations of doubling per capita income and growth over eight percent which will be aided by increasing private investment from both foreign and domestic sources as envisioned in the government’s vision for the future.

Dr Okonjo-Iweala reaffirmed the WB’s strong and expanding support to Sri Lanka as it moves towards a middle-income country.

The Managing Director recognized Sri Lanka’s emergence as a growing economy, and its eligibility for financing from the IBRD, the World Bank’s lending arm for middle-income countries in addition to the current assistance from the IDA- the confessional finance arm of the WB. She also indicated that the Bank is doubling the funds available to Sri Lanka next year.

While recognizing and appreciating the recent developments in Sri Lanka, she indicated that the WB expects Sri Lanka as a facilitator in promoting South-South cooperation and knowledge sharing among the other countries in the region.

This initiative is aimed at sharing knowledge and experience of success stories in economic and social fronts among the countries in the region, in particular, Sri Lanka’s success in achieving MDG goals at a faster rate.

Dr. Okonjo-Iweala also emphasized the importance of investment and innovation towards development and exchanged ideas with others in South Asia.

“The World Bank can play complementary role in facilitating this process by sharing not only our own knowledge, but also the expertise of other emerging economies through South-South exchanges and we would like to get Sri Lanka as a facilitator in this process,” she said.

The meeting was attended by Sri Lanka’s Ambassador Jaliya Wickramasuriya, Central Bank Deputy Governor K G D D Dheerasinghe, and IMF Alternate Executive Director Dr P N Weerasinghe.