World Bank rejects Sri Lanka’s $ 700 million request

The World Bank has denied rumors in the media that it has agreed to send over USD 700 million to Sri Lanka in the coming months.

“Recent media reports have falsely suggested that the World Bank is contemplating help for Sri Lanka in the form of a bridge loan or fresh loan obligations, among other wrong allegations,” said Faris H. Hadad-Zervos, World Bank Country Director for Sri Lanka.

The bank is concerned about the people of Sri Lanka and is advising on suitable measures to restore economic stability and broad-based growth in collaboration with the IMF and other development partners.

The World Bank would not grant additional credit to Sri Lanka until an acceptable macroeconomic policy framework is in place, he added.

“We are currently repurposing resources from previously approved projects to assist the government with some essential medicines, temporary cash transfers for poor and vulnerable households, school meals for vulnerable children, and support for farmers and small businesses,” Faris H. Hadad-Zervos added.

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