COLOMBO (Xinhua) The World Bank has approved Sri Lanka's eligibility to access concessional financing from the International Development Association (IDA) to help stabilize the economy and protect livelihoods, the President's Media Division (PMD) said on Tuesday.
The PMD said financing from the IDA is offered at low interest rates and will allow Sri Lanka to implement reforms to stabilize the economy and protect the livelihood of millions of people facing poverty and hunger.
Through the IDA, the World Bank will provide concessional financing, technical assistance, and policy advice for Sri Lanka to implement reforms that drive recovery, the PMD said.
"At this time of critical need in Sri Lanka, we appreciate the World Bank's rapid response and its vision as the first development partner to respond in record time through repurposing existing operations to help preserve Sri Lankan institutions for basic service delivery," Sri Lankan Minister of Foreign Affairs Ali Sabry said.
The IDA is a part of the World Bank that helps the world's poorest countries by providing zero tolow-interest loans.