Announcement of Meeting of Countries Interested in Assisting Ceylon on May 20, 1966

UCTION l:\f~D DE\/ELOPl\1lEf\J=r 1818 H STREET, N.W., WASHINGTON D. C. 20433 TELEPHONE: EXECUTIVE 3-6360 Bank Press Release No. 66/24 Subject: Meeting of countries interested May 20, 1966 in assisting Ceylon A meeting of countri~• interested in assisting Ceylon was held in London on May 19 and 20 under the auspices of the World Bank. The countries represented were Australia, Canada, France, Germany, Japan, the Netherlands, the United King- dom and the United States. Representatives of the International Monetary Fund and observers from India, Italy, the United Nations Development Programme, and the Development Assistance Committee of the OECD also attended the discussions. • The Ceylon Delegation was headed by Dr. Gamani Corea, Permanent Secretary in the Ministry of Planning and Economic Affairs. In the light of the progress made in Ceylon's economic situation and the improvements in economic policy, continuing interest was expressed in assistance for Ceylon. The additional current assistance needs were estimated by the World Bank at about $50 million and this was regarded by the meeting as reasonable. This estimate did not take into account Ceylon's long-term development needs, which are yet to be assessed. The representatives of the participating countries indicated that they would give early consideration to the extent to which each of them could help in reach- ing this level of assistance. The representatives also took sympathetic note of Ceylon's request for longer term assistance. In addition, the World Bank ex- pressed its interest in several project financing possibilities in Ceylon.