COLOMBO (NewsRadio); World Bank Group President David Malpass has held discussions with Ranil Wickremesinghe.
The meeting took place on the sidelines of the 27th Conference of the Parties to the UN Framework Convention on Climate Change in Sharm el-Sheikh, Egypt.
During the meeting with President Wickremesinghe, World Bank President Malpass affirmed the World Bank Group’s (WBG) support to the 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.
President Malpass and President Wickremesinghe have also discussed the challenging macroeconomic and social situation in Sri Lanka and the urgent need to stabilize the economy.
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.
President Malpass and President Wickremesinghe have 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.
A statement issued by the World Bank said President Malpass 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.
During the meeting, President Malpass and President Wickremesinghe have also spoke about climate change and the financing needs of developing countries to pursue impactful adaptation and mitigation investment.