World Bank says it will not offer new financing to Sri Lanka, which is battling its worst economic crisis in decades, until it has an adequate macroeconomic policy framework in place
The World Bank has said it would not offer new funding to Sri Lanka unless the bankrupt island nation carried out "deep structural reforms" to stabilise its crashing economy.on Thursday that it was concerned about the impact of the crisis on Sri Lanka's people but was not ready to give funds "[u]ntil an adequate macroeconomic policy framework is in place"
"This requires deep structural reforms that focus on economic stabilisation, and also on addressing the root structural causes that created this crisis," the lender said. The World Bank said it had already diverted $160 million from existing loans to finance urgently needed medicines, cooking gas and school meals.Sri Lanka has suffered an unprecedented downturn with its 22 million people enduring months of food and fuel shortages, rolling blackouts and rampant inflation.
The South Asian nation defaulted on its $51 billion foreign debt in April and huge protests earlier this month forced then president Gotabaya Rajapaksa to flee the country and resign.- Negotiations between govt suffering an unprecedented downturn and IMF highly successful
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