World Bank increases social development package

The World Bank was giving a US dollar 900 million package for social development for a four year period and was considering an increase by another US dollars 60 million especially in view of the humanitarian problem in the North and the welfare services needed by the government,World Bank Country Director Naoko Ishii said at a panel discussion held in Colombo on Wednesday.

The World Bank human development division South Asia was looking at how Sri Lanka a middle income country that had so far achieved social development standards with more success than other countries in the region, could handle the issues consequent to world economic downturn, Michal Rutkowski visiting World Bank Director for human development in South Asia said.

He said though Sri Lanka was a middle income earning country it could face the effects of the downturn in terms of foreign remittances or lower foreign employment opportunity as well as other economic factors while it was also necessary to look at the aging population that was on the increase due to high life expectancy rate in the country. Read more ...