World Bank Announced to Gave Struggling Sri Lanka with $400M
- 28, February , 2023
Newstoday: World bank announced to give 400 million dollars to bankrupt Sri Lankan. According to the world news agency report, the world bank decided to provide 400 million dollar loans as a lifeline to 3 private banks in Sri Lanka for better economic conditions. The World Bank gave a loan of 400 million dollars to 3 private banks in bankrupt Sri Lanka. International finance corporation, 3 private banks took this loan. The reason behind this loan is to import food and medicines. Still, the country is included in the list of financial crises that led to a $2.9 billion IMF bailout.
Sri Lankan President Rani Wickremesinghe followed the IMF terms by doubling taxes and making spike rates in petrol and electricity prices. Due to non-payment, Sri Lanka's IMF loan defaulted in 2022. Since the end of 2021, the country has been facing a food, petroleum, medication, and fertilizer shortage. It should be noted that Sri Lanka's IMF loan defaulted in 2022 as a result of non-payment and that the nation has been dealing with a shortage of food, fuel, medicines, and fertilizer since the end of 2021 as a result of the country's lack of access to foreign currency.