Continue engaging with Sri Lanka’s official bilateral, private sector creditors – World Bank Chief tells Ranil

World Bank Chief David Malpass during a meeting with President Ranil Wickremesinghe, encouraged the President to continue engaging with Sri Lanka’s official bilateral and private sector creditors to promptly agree on debt restructuring.

Issuing a statement following the meeting, the World Bank stated; President Malpass and President Wickremesinghe discussed the challenging macroeconomic and social situation in Sri Lanka and the urgent need to stabilise the economy.

President Malpass emphasised the importance of timely and effective resolution of the ongoing debt crisis and encouraged President Wickremesinghe to continue engaging with Sri Lanka’s official bilateral and private sector creditors to promptly agree on debt restructuring. President Malpass and President Wickremesinghe discussed ways to improve efficiency of public expenditures and necessary reforms to the state-owned enterprises, particularly given the large size of the public sector in Sri Lanka.

President Malpass affirmed the World Bank Group’s (WBG) support to Sri Lankan people in rebuilding their economy and creating a foundation for sustainable private sector led growth through IDA concessional financing, technical assistance, and policy advice.

President Malpass and President Wickremesinghe discussed opportunities for improving agriculture production and value chains, including through effective programs supporting fertiliser use, as well as Sri Lanka’s large potential in the service sector, including tourism and education.

President Malpass and President Wickremesinghe also spoke about climate change and the financing needs of developing countries to pursue impactful adaptation and mitigation investment.