‘No new WB financing for Lanka without policy framework’

WASHINGTON: The World Bank said it is not planning to provide any new financing to cash-strapped Sri Lanka until an adequate economic policy framework has been put in place, according to Reuters.

In a statement, the multilateral development bank said it was repurposing resources from previously approved projects to help the Sri Lankan government pay for some essential medicines, temporary cash transfers for poor and vulnerable households, and other support.

It said recent media reports had inaccurately stated that the World Bank planned to provide Sri Lanka with a new bridge loan or other loan commitments.