World Bank to disburse $700 million to crisis-hit Sri Lanka: Report
The Hindu
Sri Lanka is nearing bankruptcy and has severe shortages of essentials from food, fuel, medicines and cooking gas
The World Bank is planning to disburse $700 million to crisis-ridden Sri Lanka by re-purposing its existing loans, a move that will help the island nation grappling with an unprecedented economic crisis much-needed breathing space till a bailout package with the IMF is worked out, media reports said on Monday.
Sri Lanka is nearing bankruptcy and has severe shortages of essentials from food, fuel, medicines and cooking gas.
For months, citizens have been forced to stay in long lines to buy the limited stocks.
The World Bank Country Manager Chiyo Kanda met Sri Lankan Foreign Minister last week and assured him that the agency will work with the Asian Development Bank (ADB), Asian Infrastructure Investment Bank (AIIB) and the UN office to “re-purpose their already committed projects,” news portal Colombo Gazette reported.
“Minister Peiris sought assistance from the World Bank until long term assistance materialises through the IMF, other international institutions and donor countries,” the report said, quoting a statement from Sri Lanka’s Foreign Ministry.
Consequently, Kanda has assured Peiris that the global lender would disburse $700 million to Sri Lanka in these difficult times in the coming months, the report said.
Earlier this month, the International Monetary Fund (IMF) said it remains committed to assisting Sri Lanka in line with its policies, the Colombo Gazette reported.
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