The World Bank on Tuesday said it is not planning to provide any new financing to cash-strapped Sri Lanka until an adequate economic policy framework has been put in place.

In a statement, the multilateral development bank said it was repurposing resources from previously approved projects to help the Sri Lankan government pay for some essential medicines, temporary cash transfers for poor and vulnerable households, and other support.

It said recent media reports had inaccurately stated that the World Bank planned to provide Sri Lanka with a new bridge loan or other loan commitments.

Read the full statement below:

“Recent media reports have inaccurately stated that the World Bank is planning support for Sri Lanka in the form of a bridge loan or new loan commitments, among other incorrect assertions.

We are concerned for the people of Sri Lanka and are working in coordination with the IMF and other development partners in advising on appropriate policies to restore economic stability and broad-based growth. Until an adequate macroeconomic policy framework is in place, the World Bank does not plan to offer new financing to Sri Lanka.

We are currently repurposing resources from previously approved projects to help the government with some essential medicines, temporary cash transfers for poor and vulnerable households, school meals for children of vulnerable families, and support for farmers and small businesses.”

-Agencies