Nov 10, Colombo: Sri Lanka President Ranil Wickremesinghe has met World Bank Group (WBG) President David Malpass at COP27 at Sharm-El-Sheikh in Egypt, the President’s Media Division reported.

The WBG President and President Wickremesinghe had discussed the challenging macro-economic and social situation in Sri Lanka, and the urgent need to stabilize the economy.

“Good first meeting with President Ranil Wickremesinghe of Sri Lanka at COP27,” WBG President tweeted following the meeting.

The WBG President noted that agriculture and fertilizer reforms, fiscal improvements and debt reduction will be vital as the World Bank Group (WBG), including the International Development Association (IDA) works to support Sri Lanka.

President Malpass emphasized 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, according to a WB statement.

WBG President 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 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.

The head of the World Bank Group and President Wickremesinghe discussed opportunities for improving agriculture production and value chains, including through effective programs supporting fertilizer 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.

Source – ColomboPage