Sri Lanka Says India, World Bank Considering $2 Billion Bridge Finance
NDTV
For Sri Lanka which is facing currency devaluation and soaring inflation, India has already agreed to double an existing $500 million credit line for fuel.
Sri Lanka's finance minister said on Friday that India and the World Bank are considering extending about $2 billion in bridge finance so it can continue essential imports.
The country of 22 million people is struggling to pay for imports after a sharp drop in foreign exchange reserves which has led to a currency devaluation and soaring inflation.
Sri Lanka, which has $51 billion of external credit, is working on a wider plan to secure funds to help it through its worst economic crisis, with prolonged power cuts and shortages of fuel and medicines that have sparked nationwide protests.
The government has asked some creditors to restructure its debt and also approached China, Japan, and the Asian Development Bank amongst others for help, Ali Sabry said.
