INSUBCONTINENT EXCLUSIVE:
while the World Bank said it was preparing an emergency aid package for the crisis-stricken country.Sri Lanka, an island country of 22
million people, is struggling to pay for imports amid a crushing debt crisis and sharp drop in foreign exchange reserves that has fueled
Prolonged power cuts and shortages of fuel, food and medicines have sparked nationwide protests.Sri Lankan Finance Minister Ali Sabry has
been in Washington this week talking to the IMF, the World Bank, India and others about financing help for his country, which has suspended
immediately available for the purchase of essential medicines, funds shifted from its ongoing COVID-19 health preparedness project, a World
Bank spokesperson said.The global lender, which along with the IMF held its spring meetings this week, did not provide a total value for its
package, but Sabry said on Friday that about $500 million in aid was being considered.The World Bank spokesperson said the package would
leverage existing bank-financed projects and repurpose funds to quickly provide medicines, meals for school children and cash transfers for
poor and vulnerable households.Support to provide cooking gas, basic food supplies, seeds and fertilizers and other essentials is also under
Nozaki said in a statement after the country took steps to explore a restructuring of some $12 billion in sovereign bondsSabry told
reporters on Friday that the talks with the IMF were focused on a more traditional Extended Fund Facility program, but that $3 billion to $4
$1.5 billion in bridge financing to help continue essential imports, and added that he has also approached China, Japan and the Asian
Development Bank for help.Source: Retuers--Agencies
This article first appeared/also appeared in https://adaderana.lk
