World Bank to extend USD 700 million to Sri Lanka in the next few months

The World Bank would disburse approximately USD 700 million to Sri Lanka within the next few months, the Minister of Foreign Affairs announced yesterday (30).

This pledge was made when the World Bank’s Country Manager in Colombo, Chiyo Kanda, called on Prof. G.L. Peiris at his Ministry.

During the meeting, the Minister sought assistance from the World Bank until long term assistance materialized through the IMF, other international institutions and donor countries.

The Minister stated that short term financial assistance from the World Bank would be appreciated until sustainable solutions were found.

The World Bank Country Manager stated that her office was also working with other organisations, such as ADB, Asian Infrastructure Investment Bank (AIIB), and the UN office, and encouraged them to ‘re-purposing’ their already committed projects to help the people of Sri Lanka at the difficult time.

She said that the World Bank would disburse approximately USD 700 Million to Sri Lanka within the next few months.

Sri Lanka is facing a severe foreign currency shortage which has created problems in importing essential items.