World Bank approves Sri Lanka’s concessional funding request

COLOMBO (Reuters) – The World Financial institution has authorized crisis-hit Sri Lanka’s request to entry concessional financing from the Worldwide Growth Affiliation in order to assist stabilise its economic system, the lender stated on Tuesday.

Hovering inflation, a weakening foreign money and low overseas alternate reserves have left the island nation of twenty-two million struggling to pay for imports of necessities equivalent to meals, gasoline and drugs.

By means of the IDA, Sri Lanka will obtain concessional financing, technical help, and coverage recommendation from the World Financial institution to implement reforms in the direction of financial restoration.

Entry to IDA’s concessional financing would additionally alleviate debt service pressures because it affords extra beneficial phrases, the World Financial institution stated in a press release.

(Reporting by Uditha Jayasinghe; Writing by Sudipto Ganguly; Modifying by Clarence Fernandez)