World Bank’s IFC emphasizes private sector engagement in crisis-hit Lanka’s growth

ECONOMYNEXT –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.