Private sector banks join World Bank, President RW talks

Thursday, 2 March 2023 02:04 - - {{hitsCtrl.values.hits}}

The cream of the country’s private sector banks on Wednesday got a front seat view of the discussions between the World Bank’s visiting South Asian Region Vice President Martin Raiser and President Ranil Wickremesinghe. They discussed current economic and forex challenges and issues revolving around credit, interest rates, debt moratoriums and debt restructuring. Raiser assured continuous support to Sri Lanka's development reform program.

The World Bank delegation stated that it will provide technical assistance in the drafting of laws for development policy operations, as well as work to provide additional guidance and support regarding the use of international media and welfare benefits.

The World Bank Development Policy Operational Program was fully discussed and the President and World Bank representatives commented on its progress.

A statement from President’s Media Office said improving financial supervision and credit management, improving tax administration, sovereign-financial sector linkages and reducing systemic risks; maintaining stability and confidence in the banking sector, restructuring and divestment, reducing policy uncertainty and increasing competitiveness in the economy, mobilising private capital and competition in the broadband market, strengthening the social security institution, delivery system and targeting was discussed.

World Bank Country Director for Sri Lanka Faris H. Hadad-Zervos, Country Manager for Maldives and Sri Lanka Chiyo Kanda, International Finance Corporation (IFC) Country Manager Sri Lanka and Maldives Alejandro Alvarez de la Campa, World Bank in Sri Lanka Advisor Husam Abudagga, World Bank representatives, President’s Senior Advisor on National Security and President’s Chief of Staff Sagala Ratnayake, President’s Secretary Saman Ekanayake, Finance Ministry Secretary Mahinda Siriwardena, President’s Senior Advisor on Economic Affairs Dr. R.H.S. Samaratunga, Central Bank Governor Nandalal Weerasinghe and other officials participated in the discussions.