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World

Sri Lanka finance minister says India, World Bank consider further $2bn credit line

COLOMBO: Sri Lanka’s finance minister said on Friday India and the World Bank are considering extending about $2...
Published April 22, 2022 Updated April 29, 2022
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COLOMBO: Sri Lanka's finance minister said on Friday India and the World Bank are considering extending about $2 billion in bridge finance so it can continue essential imports, amid a broader plan to secure funds to tide over its worst economic crises.

The country of 22 million people is struggling to pay for essential imports after a steep drop in foreign exchange reserves in two years led to a currency devaluation and soaring inflation. It is experiencing prolonged power cuts and fuel and medicines shortages, leading to countrywide protests.

IMF says any loan to Sri Lanka requires debt sustainability

Sri Lanka, which has $51 billion of external credit, has asked some creditors to restructure its debt and also approached China, Japan, and the Asian Development Bank amongst others for help, the minister said.

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