sri lanka granted 826 million of aid by world bank amid economic crisis - Sri Lanka granted $826 million of aid by World Bank amid economic crisis

COLOMBO (BLOOMBERG) – The World Bank will extend US$600 million (S$826.29 million) in financial assistance to Sri Lanka in two phases to address its economic crisis, according to a statement from the President’s office of the country.

The first instalment of US$400 million will be released shortly “to meet medicinal drugs and health needs, social security, agricultural and food security and gas needs”, the statement said.

In a meeting between World Bank representatives and President Gotabaya Rajapaksa at the President’s House in Colombo, the multilateral institution pledged to continue providing assistance to the country for overcoming the current economic crisis, the statement cited Mr Chiyo Kanda, the World Bank’s country manager for Sri Lanka, as saying.

Sri Lanka’s Finance Minister Ali Sabry and Trade Minister Shehan Semasinghe were also present in the meeting between the two sides, the statement said.