{"id":3179,"date":"2023-06-29T08:46:40","date_gmt":"2023-06-29T03:16:40","guid":{"rendered":"https:\/\/economictimes.lk\/?p=3179"},"modified":"2023-06-29T08:46:53","modified_gmt":"2023-06-29T03:16:53","slug":"world-bank-approves-700-mln-for-crisis-hit-sri-lanka","status":"publish","type":"post","link":"https:\/\/economictimes.lk\/index.php\/2023\/06\/29\/world-bank-approves-700-mln-for-crisis-hit-sri-lanka\/","title":{"rendered":"World Bank approves $700 mln for crisis-hit Sri Lanka"},"content":{"rendered":"\n<p>\u00a0(Reuters)- The World Bank\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/www.worldbank.org\/en\/news\/press-release\/2023\/06\/27\/world-bank-group-adopts-country-partnership-framework-for-sri-lanka-to-help-reset-the-economy-protect-the-poor\" target=\"_blank\">approved<\/a>\u00a0$700 million in budgetary and welfare support for Sri Lanka on Thursday, the biggest funding tranche for the crisis-hit island nation since an International Monetary Fund (IMF) deal in March.<\/p>\n\n\n\n<p>About $500 million of the funds will be allocated for budgetary support while the remaining $200 million will be for welfare support earmarked for those worst hit by the crisis.<\/p>\n\n\n\n<p>&#8220;Through a phased approach, the World Bank Group strategy focuses on early economic stabilization, structural reforms, and protection of the poor and vulnerable,&#8221; the World Bank&#8217;s country director for Sri Lanka, Faris Hadad-Zervos, said in a statement.<\/p>\n\n\n\n<p>&#8220;If sustained, these reforms can put the country back on the path towards a green, resilient and inclusive development,&#8221; Zervos said.<\/p>\n\n\n\n<p>Sri Lanka is struggling with the worst financial crisis since its independence from Britain in 1948 after the country&#8217;s foreign exchange hit record lows and triggered its first foreign debt default last year.<\/p>\n\n\n\n<p>The IMF&nbsp;<a href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/imf-approves-29-bln-bailout-sri-lanka-presidents-office-says-2023-03-20\/\">approved<\/a>&nbsp;a bailout of nearly $3 billion in March, which Sri Lanka expects will bring additional funding of up to $4 billion from the World Bank, the Asian Development Bank and other multilateral agencies.<\/p>\n\n\n\n<p>The island nation will release a domestic debt restructuring program this week to push forward reworking its debt with bondholders and bilateral creditors including China, Japan and India.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a0(Reuters)- The World Bank\u00a0approved\u00a0$700 million in budgetary and welfare support for Sri Lanka on Thursday,&#8230;<\/p>\n","protected":false},"author":1,"featured_media":2658,"comment_status":"open","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"footnotes":""},"categories":[1],"tags":[937,938,14,858,205],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/economictimes.lk\/index.php\/wp-json\/wp\/v2\/posts\/3179"}],"collection":[{"href":"https:\/\/economictimes.lk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/economictimes.lk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/economictimes.lk\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/economictimes.lk\/index.php\/wp-json\/wp\/v2\/comments?post=3179"}],"version-history":[{"count":0,"href":"https:\/\/economictimes.lk\/index.php\/wp-json\/wp\/v2\/posts\/3179\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/economictimes.lk\/index.php\/wp-json\/wp\/v2\/media\/2658"}],"wp:attachment":[{"href":"https:\/\/economictimes.lk\/index.php\/wp-json\/wp\/v2\/media?parent=3179"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/economictimes.lk\/index.php\/wp-json\/wp\/v2\/categories?post=3179"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/economictimes.lk\/index.php\/wp-json\/wp\/v2\/tags?post=3179"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}