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ECONOMYNEXT – Sri Lanka has been cleared to borrow from World Bank’s International Development Association window, the President’s media office said, giving access to cheaper funds.
As a middle income country Sri Lanka was earlier borrowing from the World Ban k’s International Bank for Reconstruction and Development window where loans are priced closer to market.
However after defaulting and losing market access Sri Lanka requested to be de-graduated back to IDA eligibility, despite still being a middle income country.
The World Bank has approved “Sri Lanka’s eligibility to access concessional financing from the International Development Association (IDA) window to help stabilize the economy and protect livelihoods,” the president’s media office said.
Sri Lanka currently negotiating a policy loan from the World Bank where money will be given after an International Monetary Fund program is approved. (Colombo/Dec06/2022)
As a middle income country Sri Lanka was earlier borrowing from the World Ban k’s International Bank for Reconstruction and Development window where loans are priced closer to market.
However after defaulting and losing market access Sri Lanka requested to be de-graduated back to IDA eligibility, despite still being a middle income country.
The World Bank has approved “Sri Lanka’s eligibility to access concessional financing from the International Development Association (IDA) window to help stabilize the economy and protect livelihoods,” the president’s media office said.
Sri Lanka currently negotiating a policy loan from the World Bank where money will be given after an International Monetary Fund program is approved. (Colombo/Dec06/2022)
