SL secures US$ 200 mn from World Bank for economic recovery programme
By: Isuru Parakrama
October 07, Colombo (LNW): Sri Lanka has secured a crucial USD 200 million from the World Bank’s International Development Association (IDA) for the second phase of its Resilience, Stability, and Economic Turnaround (RESET) programme, according to the President’s Media Division (PMD).
The funds are part of ongoing efforts to support the nation’s economic recovery through reforms aimed at stabilising growth and protecting the most vulnerable segments of the population.
The agreement was formalised through the signatures of Finance Secretary K.M. Siriwardana and David Sislen, the World Bank’s Country Director.
The funding will assist Sri Lanka in its drive towards economic resilience, with a particular focus on reforming key sectors that are essential for long-term stability.
The initiative also underscores the government’s commitment to addressing economic vulnerabilities and ensuring a more sustainable recovery.
In a related development, President Anura Kumara Dissanayake held discussions with Asian Development Bank (ADB) Country Director Takafumi Kadono, who reaffirmed the ADB’s commitment to aiding Sri Lanka’s ongoing recovery efforts.
During their meeting, Kadono highlighted several key areas in which the ADB will provide critical support.
These include the tourism sector, with a particular emphasis on revitalising tourism in the Northern region, energy projects, and the empowerment of small-scale entrepreneurs across the country.
The ADB’s involvement is seen as a significant boost to the country’s economic prospects, particularly as the nation seeks to tap into its potential in underdeveloped sectors.
By supporting small businesses and improving energy infrastructure, the bank aims to help Sri Lanka build a more diversified and sustainable economy.
The focus on Northern tourism is also expected to promote regional development and create opportunities in areas that have historically faced economic challenges.
Both the World Bank and ADB’s contributions are pivotal in advancing Sri Lanka’s recovery agenda as it continues to implement reforms in the face of economic hardship.
These financial injections mark a critical step towards stabilising the economy and offering a pathway towards growth, benefiting key industries and vulnerable communities alike.
With these agreements in place, Sri Lanka remains optimistic about its ability to overcome current challenges and lay the groundwork for a more resilient future.
