Tatsat Chronicle Magazine

/

World Bank to Provide $700 Million for Sri Lanka Amid Crisis

Sri Lanka faces a severe shortage of foreign exchange leading to problems in importing basic commodities.

Sri Lanka Amid Crisis

The Minister of Foreign Affairs of Sri Lanka announced that the World Bank would disburse approximately $700 million to Sri Lanka in the coming months.

This pledge was made when the World Bank’s Country Manager in Colombo, Chiyo Kanda spoke to Sri Lankan Foreign Affairs Minister, G.L Peiris on Monday, Xinhua news agency reported.

During the meeting, the minister appealed for the unresolved long-term support of the World Bank through the International Monetary Fund, other international organisations and donor countries.

The minister said short-term financial assistance from the World Bank would be appreciated until a lasting solution is found.

The World Bank Country Manager said, her office was working with other agencies, such as the Asian Development Bank, the Asian Infrastructure Investment Bank and the United Nations Office, encouraging them to “re-purpose” their already committed projects to help the people of Sri Lanka in this difficult time.

Sri Lanka faces a severe shortage of foreign exchange leading to problems in importing basic commodities.

They will continue to prepare for policy discussions once a new government has been formed, the IMF was quoted in the news report.

“On our virtual mission during May 9-23, discussions at the technical level have just started and continued as planned so as to be fully prepared for policy discussions once a new government has been formed,” the IMF said in a statement.

The IMF also said that it is following developments in Sri Lanka closely and is concerned about rising social tensions and violence.

0 0.00