World Bank Chief assures support for SL's growth

World Bank Chief assures support for Sri Lanka's growth

by Teena Marian 10-11-2022 | 10:07 AM

COLOMBO (News 1st) - World Bank Group President David Malpass has affirmed the World Bank Group’s support to Sri Lanka in rebuilding their economy & creating a foundation for sustainable private sector-led growth, said the President's Media Division.

President Ranil Wickremesinghe met World Bank Group President David Malpass at COP27 where discussions focused on the challenging macro-economic and social situation in Sri Lanka.

Sri Lankan President Ranil Wickremesinghe returned to the country on Thursday (10) concluding his visit to Egypt where he attended the COP-27 summit.

President Ranil Wickremesinghe held discussions on debt management with the Managing Director of the International Monetary Fund (IMF) Kristalina Georgieva, Finance Minister of Ghana Ken Ofori-Atta and Speaker of the People’s Majlis of the Maldives Mohamed Nasheed on the sidelines of COP27.

President Ranil Wickremesinghe addressing the COP 27 Climate Change Conference in Sharm El-Sheikh, Egypt said that unbridled industrialization of the developed countries is the root cause of climate change, leaving the poor to suffer the consequences. He said that the problems facing poor countries are augmented due to the absence of adequate funding.

As a result, these countries are facing double jeopardy – struggling to develop economically while fighting to protect the living standards of their populations, said the President in his speech.

Therefore, President Wickremesinghe said that the developed countries must deliver on their pledge in Glasgow – by doubling their funding to compensate the developing countries for loss and damage.

Accordingly, he said that as proposed by the Climate Vulnerable Forum, commissioning a Special Report on this aspect to strengthen international awareness for future responses would be appropriate.

President Wickremesinghe thus proposed that before COP 28 in Dubai, like-minded nations should meet at Ministerial Level to discuss the way forward on all aspects of climate finance.