{"id":32985,"date":"2023-06-29T02:12:56","date_gmt":"2023-06-29T02:12:56","guid":{"rendered":"https:\/\/gyalchisarshog.com\/?p=32985"},"modified":"2023-06-29T02:14:13","modified_gmt":"2023-06-29T02:14:13","slug":"world-bank-approves-700-mln-for-crisis-hit-sri-lanka","status":"publish","type":"post","link":"https:\/\/gyalchisarshog.com\/?p=32985","title":{"rendered":"World Bank approves $700 mln for crisis-hit Sri Lanka"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\">Reuters:   <\/p>\n\n\n\n<p class=\"wp-block-paragraph\">COLOMBO, June 29 &#8211; The World Bank <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> $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 class=\"wp-block-paragraph\">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 class=\"wp-block-paragraph\">&#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 class=\"wp-block-paragraph\">Advertisement \u00b7 Scroll to continue<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">&#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 class=\"wp-block-paragraph\">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 class=\"wp-block-paragraph\">The IMF <a href=\"https:\/\/www.reuters.com\/world\/asia-pacific\/imf-approves-29-bln-bailout-sri-lanka-presidents-office-says-2023-03-20\/\">approved<\/a> 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 class=\"wp-block-paragraph\">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","protected":false},"excerpt":{"rendered":"<p>Reuters: COLOMBO, June 29 &#8211; The World Bank approved $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. 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. &#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,&#8230; <\/p>\n","protected":false},"author":1,"featured_media":32988,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-32985","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-in-english"],"_links":{"self":[{"href":"https:\/\/gyalchisarshog.com\/index.php?rest_route=\/wp\/v2\/posts\/32985","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/gyalchisarshog.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/gyalchisarshog.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/gyalchisarshog.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/gyalchisarshog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=32985"}],"version-history":[{"count":1,"href":"https:\/\/gyalchisarshog.com\/index.php?rest_route=\/wp\/v2\/posts\/32985\/revisions"}],"predecessor-version":[{"id":32987,"href":"https:\/\/gyalchisarshog.com\/index.php?rest_route=\/wp\/v2\/posts\/32985\/revisions\/32987"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/gyalchisarshog.com\/index.php?rest_route=\/wp\/v2\/media\/32988"}],"wp:attachment":[{"href":"https:\/\/gyalchisarshog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32985"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/gyalchisarshog.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32985"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/gyalchisarshog.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32985"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}