The World Bank and its affection towards economic development in Sri Lanka

Abstract

The World Bank functions as an international organization that fights poverty by offering development assistance to middle – income and low – income countries. As World Bank’s stated official goal is the reduction of poverty. The World Bank has set two ambitious goals to push extreme poverty to no more three percent by 2030, and to promote shared prosperity and greater equity in the developing world. According to the history of World Bank it was established in 1944 and before 1974 the reconstruction and development loans were relatively small. From 1974 to 1980 their size and number of loans to borrowers were increased and 1980, the World Bank Administrative Tribunal was established. As well as Jim Young Kim is the current president of the World Bank. The World Bank is different from the World Bank Group an extended family of five international organizations. However their world bank’s stated official goal is the reduction of poverty. For the poorest developing countries in the world, the world bank's assistance plans are based on poverty reduction strategies; by combining a cross-section of local groups with an extensive analysis of the country's financial and economic situation the world bank develops a strategy pertaining uniquely to the country in question. At that manner the World Bank had recognized Sri Lanka as a lower middle-income country with a total population of 21.0 million people. Strong economic growth in the last decade has led to improved shared prosperity and an important decline in poverty. As Sri Lanka aspires to become a higher middle-income country, it will need to adjust its development model. The Country Partnership Framework a strategic plan that defines the World Bank Group’s engagement with its partner countries. According to the World Bank, the country partnership framework supports to the government of Sri Lanka in implementing its reforms to achieve greater competitiveness through three strategic priorities. As well as the world bank’s support in Sri Lanka includes 13 active projects operating in 163 locations. Among these projects World Bank delighted to contribute their global experience to support Sri Lanka in its journey to preserve wetland, educate the public and reduce the social and economic impact of floods in Colombo. As well as World Bank concentrates to Sri Lanka through the different kind of projects and going to make new partnership framework to build up Sri Lankan economy without the poverty. So the World Bank delighted to contribute their global experiences to support Sri Lanka.