WB tells President ongoing projects will be repurposed to provide financial assistance

• World Bank Country Director for Sri Lanka Faris Hadad-Zervos assures further support after reaching an agreement with IMF

The World Bank yesterday revealed to President Gotabaya Rajapaksa that on-going projects will be re-purposed to provide urgent financial assistance to meet the current crisis.

This was conveyed by World Bank Country Director for Sri Lanka Faris Hadad-Zervos when he called on President Rajapaksa. 

The President’s Media said there are 17 ongoing World Bank funded projects in Sri Lanka and the World Bank’s Country Director said that the projects were being re-purposed to provide financial assistance to meet the current crisis.  

Zervos said that the World Bank would extend further support after reaching an agreement with the International Monetary Fund. 

Explaining the current situation in the country, the President pointed out the need to provide World Bank loan assistance to banks and financial institutions. The President requested the representatives to take necessary measures to issue such financial assistance at low interest rates to the people engaged in agriculture, livestock, small and medium scale enterprises and businesses.

Representatives of the World Bank said that they have already decided to allocate funds for LPG and fertiliser supplies. Tax increases, the removal of diesel and kerosene subsidies will have a severe impact on many sectors including fisheries.

The Government is also concerned about other groups at risk. The President said that these issues would have to be considered in reaching an agreement with the International Monetary Fund.

World Bank Country Manager for Sri Lanka Chiyo Kanda, Senior Operations Officer Asela Dissanayake, Practice Manager Gabi George Afram, Lead Private Sector Specialist Peter Mousley, Lead Financial Sector Specialist Miquel Dijkman, Senior Economist Kishan Abeygunawardana, Secretary to the President Gamini Senarath, Principal Advisor to the President Lalith Weeratunga, Chief of Staff to the President Anura Dissanayake, Finance Ministry Secretary K.M.M. Siriwardena, External Resources Department Director Himali Bogodagedara and Sri Lanka Medical Association Vice President Dr. Surantha Perera, were also present at this discussion