The World Bank has approved an emergency loan of $1cr for Sri Lanka to buy emergency medicine, said Ali Sabri, Finance Minister of the country. He said that the administration had held discussions with World Bank officials. As a result, the bank has approved the loan based on negotiations. The article is about World Bank Approved $1cr Loan to Sri Lanka.
The Sri Lankan Finance Minister also said that another $50cr loan would be approved in the next two weeks. He said the loan would be used to buy essential items like emergency medicine and gas. Meanwhile, Sri Lanka has declared itself a defaulter. The country’s Finance Ministry said the Pandemic and the Ukraine war had made it “impossible” to repay the loan. As a result, the government will not be able to repay the foreign debt.
In an International Monetary Fund (IMF) assessment of March 2022, Sri Lanka’s finance ministry also said that lending to Sri Lanka would not be sustainable. Colombo will meet to discuss a loan program from the International Monetary Fund (IMF) to get the economy back on track.
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