Colombo: The largest funding tranche since the IMF deal in March has been authorised by the World Bank to assist Sri Lanka in recovering from the current economic crisis and providing relief to the poor and vulnerable people. Sri Lanka, which is already struggling financially, is experiencing its worst economic crisis ever.
Protests across the island nations in 2022 caused the removal of Sri Lanka's powerful Rajapaksa family from politics and caused the GDP to shrink by more than seven percent.
The World Bank announced in a press release from Washington, DC, on Wednesday that USD 700 million in financing had been approved by the Board of Directors to aid Sri Lanka in its economic recovery and offer relief to the poor and vulnerable.—Inputs from Agencies