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IFC helps Sri Lanka private sector to reset the economy, protect the poor.

By: Staff Writer

April 20, Colombo (LNW): The International Finance Corporation (IFC), the World Bank’s investment arm emphasized the importance of the private sector engagement in the recovery of the crisis-hit Sri Lanka’s economic growth.

Riccardo Puliti, the IFC’s Vice President for Asia and the Pacific said this when he met State Finance Minister Shehan Semasinghe and the island nation’s Central Bank Governor Nandalal Weerasinghe on the sideline of IMF/World Bank Spring Meeting in Washington.

“Private sector engagement is key to boost Sri Lanka’s growth & pave the way for a resilient future,” Riccardo said in his X platform citing that the discussion was a “good exchange”.

The IFC last year pledged to provide Sri Lanka a $400 million cross-currency swap facility to Sri Lanka to help fund essential imports through three private banks.

Semasinghe thanked Riccardo for his “insightful perspective on the importance of private sector engagement for Sri Lanka’s growth and resilience”.

“We truly appreciate IFC’s commitment to our country, especially during these challenging times. Your continued investment and support are invaluable as we navigate through the economic landscape,” Semasinghe said.

President Ranil Wickremesinghe’s government has already chosen IFC to assist the overhaul of state-owned firms in accordance with an IMF programme to rein in losses from government-owned enterprises

International Finance Corporation’s (IFC) Regional Vice President for Asia and the Pacific Riccardo Puliti says private sector engagement is key to pave the way for a resilient future.

State Minister Shehan Semasinghe said Sri Lanka’s economic outlook and the progress of restructuring SOEs, for which Sri Lanka is receiving IFC assistance were discussed during the meeting.

Posting on X the State Minister said the IFC is considering making more investments and supporting financial sector stability in the country.The International Finance Corporation (IFC) is the private sector arm of the World Bank group

As the largest global development institution focused on the private sector in developing countries, IFC has invested close to $1 billion in Sri Lanka since the onset of the COVID-19 pandemic, helping businesses and sustaining jobs.

Recently, IFC provided a cross-currency swap facility of US$400 million to three of the country’s leading national banks that deal with over 30 percent of Sri Lanka’s remittances and exports.

The facility intends to support the private sector with critical financing, contributing to the country’s urgent need to stabilize the economy.

IFC will continue its efforts to promote private sector-led growth by supporting innovation, product diversification, and growth-enabling sustainable infrastructure as well as in deepening social and financial inclusion.

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