Sunday, 25 October 2020 08:46

C B Governor expresses the need of rethinking on multilateral financial institutions

Central Bank Governor Prof. W.D Lakshman has expressed his dubious thinking on multilateral financial institutions including the World Bank and the IMF, economic experts said.

Governor Lakshman emphasised the need to rethink support provided by multilateral financial institutions to enable emerging and developing economies to strengthen their production and innovative capacity in particular, thereby enhancing economic stability and resilience of such countries, Central Bank in median release announced.

He made this statement when the World Bank Country Director for Maldives, Nepal and Sri Lanka, Faris Hadad-Zervos called on him in Colombo on Friday 23,

The World Bank Country Director Faris Hadad-Zervos, accompanied by the World Bank Country Manager for Sri Lanka, Ms. Chiyo Kanda, paid a courtesy call on Governor of the Central Bank of Sri Lanka, Deshamanya Professor W. D. Lakshman, They discussed various matters of mutual interest CB revealed.

Among other matters discussed were ongoing and future World Bank supports for several sectors in Sri Lanka, in particular, the education and health sectors as well as SME informal sector.

As a responsible person holding the top post of the country’s monetary authority, it was unbecoming for Veteran Prof Lakshman to make such detrimental statements at a time the country is facing severe financial difficulties, a senior economist said

CB Governor expressed this derogatory view despite the World Bank’s recent gesture of reallocating US $56 million from ongoing projects in Sri Lanka.

The WB financial assistance has been granted to protect the most vulnerable in the agriculture sector, improve COVID-19 protection measures on public transport, facilitate tele-education for school children, and provide digital solutions to improve delivery of public services.

This new financing complements the $128.6 million Sri Lanka Covid-19 Emergency Response and Health System Preparedness Project, which was approved on April 2.


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