World Bank approves Sri Lanka’s request to access concessional financing from International Development Association

The World Bank has approved Sri Lanka’s request to access concessional financing from the International Development Association (IDA). The concessional financing will enable the country to implement its reform program to stabilize the economy. The IDA is one of the largest sources of funding for fighting extreme poverty in the world’s poorest and most vulnerable countries through grants or low interest loans.

With Sri Lanka becoming an IDA country, technical assistance, and policy advice towards economic recovery will also be provided by the World Bank. World Bank Vice President for Development Finance, Akihiko Nishio said that the World Bank will support Sri Lanka as it implements reforms to reduce poverty and rebuild the economy.

Since 2017, Sri Lanka has been termed creditworthy for lending from the World Bank’s International Bank for Reconstruction and Development.