On-going WB projects being redesigned to provide financial assistance

World Bank Country Director for Sri Lanka Faris Hadad-Zervos and President Gotabaya Rajapaksa

• WB promises further support after SL reaches an agreement with IMF

The 17 on-going World Bank-funded projects in Sri Lanka are being redesigned to provide financial assistance to meet the current crisis, the President’s Media Division (PMD) yesterday said, quoting World Bank Country Director for Sri Lanka Faris Hadad-Zervos.

According to the PMD, this was stated during a discussion held yesterday between the World Bank representatives and President Gotabaya Rajapaksa. 

Zervos has also been quoted as saying that the World Bank would extend further support after reaching an agreement with the International Monetary Fund (IMF). 

The PMD said the president requested the World Bank representatives to take the necessary measures to provide financial assistance at low interest rates to the people engaged in agriculture, livestock and also to small and medium-scale enterprises and businesses.

The representatives of the World Bank had said that they have already decided to allocate funds for domestic gas and fertiliser supplies.

The tax increases and removal of diesel and kerosene subsidies are expected to have a severe impact on many sectors, including fisheries.

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 President Gamini Senarath, Principal Advisor to President Lalith Weeratunga, Chief of Staff to 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.