World Bank, issuing a statement said, no new financing would be available for Sri Lankan until an adequate macroeconomic framework for economic revival is in place.

The WB, however, added that it was in the process of repurposing resources from previously approved projects to offer immediate support for Sri Lanka under the current circumstances.

The statement issued by World Bank is as follows

“Recent media reports have inaccurately stated that the World Bank is planning support for Sri Lanka in the form of a bridge loan or new loan commitments, among other incorrect assertions.”

The World Bank is concerned for the people of Sri Lanka and is working in coordination with the IMF and other development partners in advising on appropriate policies to restore economic stability and broad-based growth.

Until an adequate macroeconomic policy framework is in place, the World Bank does not plan to offer new financing to Sri Lanka, the bank added.

The World Bank further said, “We are currently repurposing resources from previously approved projects to help the government with some essential medicines, temporary cash transfers for poor and vulnerable households, school meals for children of vulnerable families, and support for farmers and small businesses.”