WB approves Sri Lanka’s eligibility to access concessional financing from IDA
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DEC
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WB approves Sri Lanka’s eligibility to access concessional financing from IDA

WB approves Sri Lanka’s eligibility to access concessional financing from IDA

 

The World Bank has approved Sri Lanka’s eligibility to access concessional financing from the International Development Association (IDA) to help stabilize the economy and protect livelihoods, the President’s Media Division (PMD) reported.


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 World Bank (WB) said Monday (Dec.05).


The World Bank has also emphasized that 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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