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World Bank to double assistance for Sri Lanka

Apr 21, 2011 8:00:11 AM - itnnews.lk

The World Bank has assured to double the development funds given to Sri Lanka. Senior Minister Dr. Sarath Amunugama said that this agreement was reached at the meeting held in Washington with the participation of representatives of the International Fund and the World Bank.

Expressing views to ITN, the Minister said that the World Bank has allocated funds particularly for education, higher education, heath and for infrastructure development in the North and East. The results from these funds will decline if there was a shortcoming in the implementation of these projects by the respective Ministries. As such he emphasized that it was necessary to launch these projects immediately. He also said that a good report on Sri Lanka’s economic growth was submitted t the IMF meetings. Many countries are face economic downturns and are unable to repay their loans. But the Minister said that Sri Lanka has achieved an eight percent economic growth and further improvements were expected in the coming years. He added, this is an example to the entire world