AMN/ WEB DESK
Sri Lanka’s government has announced its approval of an agreement with the World Bank to secure a 500 million US dollar in budgetary support. This marks the largest funding tranche received by the crisis-stricken nation since a previous accord with the International Monetary Fund in March. The government disclosed that the funds will be disbursed in two installments.
With a population of 22 million, Sri Lanka is currently recovering from its most severe economic downturn in 70 years. The country’s economy is anticipated to contract by two percent this year, following a record-breaking decline of 7.8 percent in 2022. In a significant development, the World Bank is expected to grant an additional 200 million dollar specifically allocated for welfare programs, along with 700 million dollar in total funding, which is set for approval at the upcoming board meeting tomorrow.