Colombo, July 12 (newsin.asia) – Sri Lanka will receive US 1,340 million dollars worth of financial and technical assistance from the World Bank Groups for a 3 year period starting July1, Sri Lanka’s Finance Ministry said here in a statement on Wednesday.
The financial assistance will be received under the IDA (International Development Association) Transitional Support Facility.
Previously Sri Lanka received US 660 Million dollars IDA support for the period from year 2014 to 2017.
Sri Lanka is expected to access approximately US$ 300 million per annum for the coming 3 years from IBRD (international bank for Reconstruction and Development).
The Finance Ministry said IDA and IBRD are member institutions of World Bank Group.
This assistance comes as financial assistance for development projects and technical assistance for analytical and advisory services.
During a discussion between the World Bank Country Director for Sri Lanka and Maldives, Idah Z. Riddihough and Finance Minister Mangala Samaraweera, the WB Country Director discussed the progress of World Bank’s assisted ongoing and proposed projects in Sri Lanka.
Public Sector Efficiency Project and the Country Readiness for Public Private Partnerships (PPP) are the two projects, proposed to be implemented by the Ministry of Finance with financial and technical support from the World Bank, the Finance Ministry said.
World Bank Country Director, Riddihough, appreciating Sri Lanka’s economic performance said that despite significant challenges,it remained broadly satisfactory in 2016 and early 2017.
The World Bank recognizes the corrective policy measures taken in 2016 following expansionary fiscal and monetary policies implemented in the previous year as early signs of stabilization, the Finance Ministry said.