DrﾠNgozi Okonjo-Iweala, Managing Director of the World Bank reiterated the World Bank’s commitment to Sri Lanka, especially in supporting programs designed to encourage inclusive growth throughout the country.

She made these observations when she met with Dr. Sarath Amunugama, Senior Minister of International Monetary Cooperation, yesterday (17) in Washington DC, on the sidelines of the IMF/World Bank Spring Meetings.

She also noted the World Bank’s willingness to increase support to complement the ambitious development aspirations of doubling per capita income and growth over 8%, which will be aided by increasing private investment from both foreign and domestic sources as envisioned in the government’s vision for future.

Madam Okonjo-Iweala reaffirmed the World Bank’s strong and expanding support to Sri Lanka as it moves towards a middle-income country.

The Managing Director recognized Sri Lanka’s emergence as a growing economy, and its eligibility for financing from the IBRD, the World Bank’s lending arm for middle-income countries in addition to the current assistance from the IDA- the concessional finance arm of the World Bank. She indicated that the Bank is doubling the funds available to Sri Lanka next year.

While recognizing and highly appreciating the recent developments that have been taken place in Sri Lanka, she indicated that the World Bank expects Sri Lanka as a facilitator in promoting South- South cooperation and knowledge sharing among the other countries in the region.

This initiative is aimed at sharing knowledge and experience of success stories in economic and social fronts among the countries in the region, in particular, Sri Lanka’s success in achieving MDG goals at a faster rate.

Dr. Okonjo-Iweala also emphasized the importance of investment and innovation towards development and exchanged ideas with others in South Asia. “The World Bank can play complementary role in facilitating this process by sharing not only our own knowledge, but also the expertise of other emerging economies through South-South exchanges and we would like to get Sri Lanka as a facilitator in this process,” she said.

Dr Amunugma conveyed his appreciation to the World Bank for supporting the country’s development programme. He and the delegation discussed developments, outlook and World Bank’s assistance to Sri Lanka.