World Bank assures support to Sri Lanka's development reform programme

The World Bank assured its support to development reform programme of Sri Lanka, which is going through its worst-ever economic crisis in the history.

The World Bank's Vice President in charge of the South Asia region, Martin Raiser who met President Ranil Wickremesinghe on Tuesday assured to provide technical assistance in drafting laws for development policy operations, and to provide further guidance and necessary support regarding the use of international media and welfare benefits.

The World Bank Development Policy Operational Program was fully investigated and the President and World Bank representatives gave their views on its progress, President Media Division (PMD) said on Tuesday.

"Improving financial supervision and credit management, improving tax administration, reducing sovereign-financial sector linkages and systemic risks, maintaining stability and confidence in the banking sector, restructuring and decentralisation, reducing policy uncertainty and increasing the competitiveness of the economy, mobilising private capital and competition in the broadband market, strengthening the social security institution, delivery system and targeting were discussed at length," the PMD stated.

World Bank representative included Country Director Faris H. Hadad-Zervos, Country Manager Chiyo Kanda, International Finance Corporation Sri Lanka and Maldives Manager Alejandro Alvarez de la Campa and Country Advisor Husam Abu Daga, while Sri Lankan delegation included Finance Ministry Secretary, Mahinda Siriwardena and Central Bank Governor Nandalal Weerasinghe.

--IANS

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