Sri Lanka went bankrupt in April after defaulting on previous debt, Photo: File
Colombo: The World Bank gave a loan of 400 million dollars to the 3 private banks of the bankrupt country of Sri Lanka.
According to the World News Agency, the World Bank has given a loan of 400 million dollars as a lifeline to 3 private banks in Sri Lanka so that the country can import essential food and medicine.
This World Bank loan was given by its subsidiary International Finance Corporation to three Sri Lankan private banks, Commercial Bank of Ceylon, Nations Trust Bank and Sampath Bank.
The debt will make it easier for the bankrupt country to import food and medicine, but will perpetuate the economic and financial crisis that has led to a $2.9 billion IMF bailout package.
Read this news: The World Bank refused to give loans to Sri Lanka
Sri Lankan President Ranil Wickremesinghe followed the IMF’s terms by doubling taxes while tripling petrol prices and electricity tariffs.
However, IMF officials say the package is currently on hold as China, Sri Lanka’s main bilateral creditor, has yet to provide financial assurances.
It should be noted that Sri Lanka defaulted due to non-payment of IMF loan in 2022, while since the end of 2021, due to the loss of foreign exchange, the country is facing shortage of food, fuel, medicine and fertilizer. Is.
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