The UNP says that millions of World Bank dollars may be lost if the government doesn’t present its own poverty reduction strategy soon.

The main opposition United National Party says that World Bank funds running into millions of dollars may be lost if the government doesn’t come up with its own poverty reduction strategy soon.

The main opposition United National Party says that World Bank funds running into millions of dollars may be lost if the government doesn’t come up with its own poverty reduction strategy soon. Speaking at a press conference on Friday UNP spokesman Bandula Gunawardane, said World Bank funds in the pipeline are now in limbo, because no programmes are available to absorb them.

Gunawardane referred to a document from the World Bank that requested the government to decide on programmes that will absorb World Bank funds.

The document that was in Sinhala says its purpose is to explain all aspects of World Bank assistance to the new government.

Currently, there are 16 ongoing World Bank sponsored programmes worth US$ 700 mn.
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Of this, US$ 320 mn are yet to be spent and are waiting to be absorbed either by the same projects or by new programmes.

The World Bank has also pledged US$ 800 mn during the financial years of 2003 – 2006 of which US$ 235 mn were allocated for the previous financ