Sri Lanka is on the verge of bankruptcy, with serious shortages of food, gasoline, medications, and cooking gas.
According to media reports on Monday, the World Bank plans to pay $700 million to crisis-hit Sri Lanka by repurposing existing loans, providing much-needed breathing space to the island nation coping with an unprecedented economic crisis while negotiating a bailout package with the IMF.
Sri Lanka is on the verge of bankruptcy, with serious shortages of food, gasoline, medications, and cooking gas.
Citizens have been forced to wait in enormous lines for months to purchase the restricted quantities.
According to news portal Colombo Gazette, World Bank Country Manager Chiyo Kanda met with Sri Lankan Foreign Minister last week and assured him that the bank will work with the Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB), and the UN office to repurpose already committed projects.
Minister Peiris asked the World Bank for help until long-term funding arrives from the IMF, other international institutions, and donor countries, according to the story, which cited a statement from Sri Lanka’s Foreign Ministry.
As a result, Kanda informed Peiris that the international lender will release $700 million to Sri Lanka in the next months, according to the newspaper.
Featured Image: Ada Derana
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