WORLD

Sri Lankan crisis: World Bank has no plans for financing for island country

The World Bank on Friday voiced deep concern over the dire economic situation and its impact on the people of Sri Lanka. The official statement also stated that the bank does not plan to offer new financing to the island country until an adequate macroeconomic policy framework is in place.

The World Bank stressed that Sri Lanka needs to enact structural reforms that focus on economic stablisation, further adding that the need to address the root structural causes that led to the infinite crisis.

“Until an adequate macroeconomic policy framework is in place, the World Bank does not plan to offer new financing to Sri Lanka. This requires deep structural reforms that focus on economic stabilisation, 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 statement read.

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