Minister of Foreign Ali Sabry says a request was made from the Asian Development Bank to reclassify (reverse graduation) Sri Lanka enabling the country to get access to greater concessional financial facilities.
The request was made during a meeting between Foreign Minister Ali Sabry and Vice-President-Operations of the Asian Development Bank Shixin Chen in Seoul, South Korea.
Last December, the World Bank approved Sri Lanka’s request to access concessional financing from the International Development Association.
The IDA financing, which is offered at low interest rates, enabled Sri Lanka to implement a government-led reform program to stabilize the economy and protect the livelihood of people facing poverty and hunger.
The request was a result of Sri Lanka’s sustained deterioration in economic and social conditions, which reduced income levels, reversed poverty gains, and affected its access to financial markets.
Through IDA support, the World Bank provides concessional financing, technical assistance, and policy advice as Sri Lanka implements reforms to drive recovery and enhance the country’s economic prospects, especially measures directed towards the poor.