World Bank President announces $1 Billion aid package for Sri Lanka

The announcement came after a high-level meeting between President Banga and Sri Lankan President Anura Kumara Dissanayake at the Presidential Secretariat yesterday afternoon (May 7). The World Bank Group released a statement following the meeting, detailing that the aid will be distributed over the next three years.

According to the World Bank, the funding will focus on revitalizing key sectors with strong potential for job creation and investment: energy, agriculture, tourism, and regional development. The initiative is designed to support the island nation as it navigates its path out of recent economic hardship.

A critical concern highlighted in the statement is the growing disparity between the number of new entrants into the labor force and the availability of jobs. The World Bank estimates that nearly one million young Sri Lankans will join the workforce in the coming decade, yet only around 300,000 jobs are projected to be created during the same period.

“This partnership underscores our long-term commitment to supporting Sri Lanka’s recovery and economic transformation,” said President Banga.

The announcement marks a significant step in strengthening international support for Sri Lanka as it aims to stabilize and rebuild its economy following years of financial challenges.