World Bank approves $700 million to support Lanka

The Minister said that short-term financial assistance from the World Bank would be appreciated until sustainable solutions are found….reports Asian Lite News

 The World Bank will disburse nearly $700 million to Sri Lanka within the next few months, Sri Lanka’s Foreign Minister announced.

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 sought assistance from the World Bank until long-term assistance materialises through the International Monetary Fund, other international institutions and donor countries.

The Minister said that short-term financial assistance from the World Bank would be appreciated until sustainable solutions are found.

The World Bank Country Manager said that her office is also working with other organisations such as the Asian Development Bank, Asian Infrastructure Investment Bank, and the UN office, encouraging them to “re-purpose” their already committed projects to help the people of Sri Lanka at this difficult time.

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

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