Sri Lanka’s reverse-graduation brings the total number of IDA countries to 75. (Photo: medcom.id)
Sri Lanka’s reverse-graduation brings the total number of IDA countries to 75. (Photo: medcom.id)

World Bank Approves Sri Lanka's Request to Access Concessional Financing from IDA

Wahyu Dwi Anggoro • 06 December 2022 12:29
Washington: The World Bank has approved Sri Lanka’s request to access concessional financing from the International Development Association (IDA). 
 
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. 

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This approval means Sri Lanka now becomes an IDA 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, in a media release on Monday.
 
"The World Bank is ready to support Sri Lanka as it implements reforms that will reduce poverty and rebuild the economy, creating the foundation for sustainable growth," Nishio added.
 
Through IDA 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 IDA’s concessional financing would also alleviate existing debt service pressures given the more favorable terms IDA financing carries. As an IDA country, Sri Lanka will also be subject to IDA operational policies.
 
Since 2017, when it first graduated from IDA, Sri Lanka has been creditworthy for lending from the World Bank’s International Bank for Reconstruction and Development (IBRD). 
 
Sri Lanka’s reverse-graduation brings the total number of IDA countries to 75.
 
(WAH)

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