The World Bank loaned $400 million to finance imports of Basic food and medicine with International Monetary Fund (IMF) to save three private banks in Bankrupt Sri Lanka on Monday.
The World Bank private The International Finance Corporation (IFC), the sector finance arm, is lending to the three funds with Sri Lanka’s economic crisis is still rumbling on.
South Asian country of 22 million people have experienced severe hardship since he ran out of Foreign exchange to finance basic foodstuffs, fuel, medicines and fertilizers in Late 2021. Defaulted on that it debt in April 2022.
Months of Protests forced the president to resign in july f new government of Ranil Wickremesinghe sought a $2.9 billion bailout from the International Monetary Fund a month later.
But the authorities say he is being held up Because Sri Lanka main China’s bilateral creditor has not submitted it yet financial affirmations.
The IFC arranged its own loan with trading bank of Ceylon, United Nations Bank and Sampath Bank”support the private section with critical Funding, the country’s urgent contribution need to stabilize the economy. “
Rating agencies in the entire Sri Lanka said financial The sector was under severe pressure, with Sir debt Failure to undermine credibility of All local banks.
a government ban on unnecessary imports remains in place To save foreign currency.
Wickremesinghe doubled taxes and tripled fuel prices and service charges in Line with IMF demands to raise government revenue before bailout. he facing Widespread trade union protests as a result.