Politics

The World Bank Group has announced an emergency support package of up to US$ 120 million for Sri Lanka to aid in recovery and restoration efforts. In a statement, the World Bank Group explained that this support is being made available in response to the government's request by reallocating funds from existing projects. This funding will help restore vital services and infrastructure such as healthcare, water supply, education, agriculture, and connectivity in areas most affected by Cyclone Ditwah. Additionally, the International Finance Corporation (IFC), which is the private sector division of the World Bank Group, plans to bolster the private sector through advisory support and strategic investments in critical areas like agriculture, manufacturing, and logistics. This effort aims to create jobs and promote economic recovery, particularly for micro, small, and medium enterprises (MSMEs). To assist in recovery efforts, a Global Rapid Post-Disaster Damage Estimation (GRADE) assessment is currently in progress in collaboration with the Global Facility for Disaster Risk Reduction (GFDRR). The World Bank stated that this rapid assessment will provide accurate estimates of the disaster's impact, which will help guide immediate decisions and focus response and recovery efforts. Furthermore, the World Bank is collaborating closely with the Sri Lankan government as it plans for broader recovery initiatives, including the establishment of a new ‘Rebuilding Sri Lanka’ Fund and the next phase of post-disaster needs assessments.