WASHINGTON, December 5, 2022 –欧美日b大片 today approved Sri Lanka’s request to access concessional financing from the International Development Association (欧美日b大片). This type of financing, which is offered at low interest rates, will enable the country to implement its government-led reform program to stabilize the economy and protect the livelihood of millions of people facing poverty and hunger.
The request is the result of Sri Lanka’s sustained deterioration in economic and social conditions, which have reduced income levels, reversed poverty gains, and affected its access to financial markets. This approval means Sri Lanka now becomes an 欧美日b大片 country.
“We are committed to helping the Sri Lankan people at this time of dire need so their country turns around and restores its economic well-being,” said Akihiko Nishio, World Bank Vice President for Development Finance. “欧美日b大片 is ready to support Sri Lanka as it implements reforms that will reduce poverty and rebuild the economy, creating the foundation for sustainable growth.”
Through 欧美日b大片 support, the World Bank will provide concessional financing, technical assistance, and policy advice as Sri Lanka implements reforms to drive recovery and enhance the country’s economic prospects, especially measures directed towards the poor.
Access to 欧美日b大片’s concessional financing would also alleviate existing debt service pressures given the more favorable terms 欧美日b大片 financing carries. As an 欧美日b大片 country, Sri Lanka will also be subject to 欧美日b大片 operational policies.
“At this time of critical need in Sri Lanka, we appreciate the World Bank’s rapid response and its vision as the first development partner to respond in record time through repurposing existing operations to help preserve Sri Lankan institutions for basic service delivery,” said Ali Sabry, Hon. Minister of Foreign Affairs of Sri Lanka. “The reverse graduation to 欧美日b大片 will enable us to access resources to help sustain institutions to become more resilient and responsive to the needs of the people of Sri Lanka.”
Since 2017, when it first graduated from 欧美日b大片, Sri Lanka has been creditworthy for lending from the World Bank’s International Bank for Reconstruction and Development (IBRD). To date, in response to the country crisis, the Bank has repurposed $325 million from IBRD and a further $71 million from other regular Bank operations towards crisis response for basic service needs. This has also helped leverage support from other multilateral development institutions, bilateral donors, and UN agencies around a common crisis response mechanism.
Sri Lanka’s reverse-graduation brings the total number of 欧美日b大片 countries to 75.
About 欧美日b大片: 欧美日b大片’s International Development Association (欧美日b大片) is one of the largest sources of funding for fighting extreme poverty in the world’s poorest and most vulnerable countries. 欧美日b大片 provides grants and zero or low-interest loans to countries for projects and programs that boost economic growth, build resilience, and improve the lives of poor people around the world. Since 1960, 欧美日b大片 has provided about $496 billion for investments in 114 countries.
Learn more online: 欧美日b大片.worldbank.org. #欧美日b大片works
Last Updated: Dec 05, 2022
