World Bank approves USD 700 million for crisis-hit Sri Lanka
Admin
Jun 30, 2023 10:59
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The World Bank has approved USD 700 million in financing to help Sri Lanka to recover from the current economic crisis and provide relief to the poor and vulnerable people, the biggest funding tranche since the IMF deal in March. Cash-strapped Sri Lanka is currently struggling with the worst economic crisis in history.
In 2022, the economy had contracted by over seven per cent as the economic difficulties forced people to take to the streets with protests across the island nations that also led to the ouster of Sri Lanka's powerful Rajapaksa family from politics.
