India has made a strong pitch for increased lending by the World Bank and its affiliates for India, Bangladesh, Sri Lanka and Bhutan, in a meeting of the World Bank and International Monetary Fund held in Washington on Saturday. India has made a strong pitch for increased lending by the World Bank and its affiliates for India, Bangladesh, Sri Lanka and Bhutan, in a meeting of the World Bank and International Monetary Fund held in Washington on Saturday.
Subhash Chandra Garg, Secretary of the Economic Affairs Department of the Indian Finance Ministry said that these four countries not only constitute the highest growing economic block in South Asia and the world at large but also face widespread poverty.
The World Bank Group—Inter-national Bank for Reconstruction and Development (IBRD), International Finance Corporation (IFC), International Development Association (IDA), Multilateral Investment Guarantee Agency (MIGA)—has supported the growth and development of the four countries but they (WB) will need to continue to do so in the foreseeable future, Garg added.
Sri Lanka's State Minister of Finance Eran Wickramaratne, who also attended the meeting in Washington, said that the government recognise the importance of putting in place policies to reduce debt vulnerabilities and also look forward to hearing the perspectives of the WB and the IMF on supportive multilateral responses.
"We are calling on the IMF and the World Bank to increase their assistance on liability management as an area of priority and to develop a more comprehensive and transparent debt reporting system," Minister Wickramaratne said.
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