People pose for {a photograph} subsequent to an International Monetary Fund banner, in the course of the World Bank/IMF spring conferences at IMF headquarters in Washington, on April 11, 2023.
| Photo Credit: AP
The World Bank has assured crisis-struck Sri Lanka of continued support to stabilise the island nation’s economic system and improve its economic recovery, State Finance Minister Shehan Semasinghe has mentioned.
State Finance Minister Shehan Semasinghe, who’s in Washington to attend the 2023 Spring Meetings of the World Bank Group and the International Monetary Fund, mentioned that the worldwide lender prolonged its support to Sri Lanka, the Colombopage information portal reported on April 11, 2023.
Mr. Semasinghe, together with Central Bank Governor P. Nandalal Weerasinghe and Secretary to the Treasury Ok. M. Mahinda Siriwardana, met the Managing Director of Operations of the World Bank, Anna Bjerde, on Monday.
According to the report, the Minister mentioned the dialogue targeted on how Sri Lanka’s reform agenda will support its economic recovery.
After the dialogue, Mr. Semasinge took to Facebook and mentioned, “Great to note the continued support of the World Bank to strengthen the social safety nets and economic stabilisation.” “Good meeting with State Minister of Finance @ShehanSema, @CBSL Governor P. Nandalal Weerasinghe and Secretary to the Treasury K. M. Mahinda Siriwardana to discuss how we can support #SriLanka as it implements economic stabilisation, steps up social protection and revives growth,” Bjerde tweeted.
Mr. Semasinghe mentioned he additionally interacted with the World Bank group that specialised within the social security internet interventions, money switch programmes and growing efficient supply methods, the NewsFirst information portal mentioned.
According to the report, the state minister additionally held discussions with the Executive Director of IMF, Dr Krishnamurthy Subramanian on Monday relating to the island nation’s bold reform agenda and its dedication to finishing the IMF programme.
Sri Lanka has been struck by a catastrophic economic and humanitarian disaster sparked by years of mismanagement and the raging pandemic.
The Sri Lankan authorities in May final yr declared a debt default on over USD 51 billion in overseas loans — a primary within the nation’s historical past.
The debt-struck nation acquired USD 333 million {dollars}, the primary tranche of the USD 3 billion IMF bailout programme final month to beat its economic disaster and catalyse monetary support from different improvement companions.
The IMF bailout, the seventeenth in Sri Lanka’s historical past, was authorized following extended discussions held up over Colombo’s unsustainable debt.
