World Bank Expressed Intention to Release $700 Million to Sri Lanka

The World Bank has announced its intention to provide $700 million to Sri Lanka, which is facing a serious economic crisis. Sri Lanka is expected to provide some relief by redistributing existing loans to new leaders.

According to the Sri Lankan news website, Sri Lanka's World Bank chief Chiyo Kanda made a guarantee in a meeting with Foreign Minister G L Peiris last week. He said the World Bank would reschedule and release funds from already approved projects.

According to a report released by the Ministry of Foreign Affairs, Kanda has promised Peiris that the World Bank will discuss this with the Asian Development Bank (ADB), the Asian Infrastructure Investment Bank (AIIB), and the United Nations office will work together.

At the same time, Sri Lanka's Foreign Minister has called on Canada to provide World Bank support until long-term support from the International Monetary Fund (IMF). Kanda said Sri Lanka will be given $700 million in the coming months.

Sri Lanka, which is experiencing a serious foreign exchange crisis and high inflation, has requested the IMF to provide an aid package. The IMF has also sent a positive signal in this direction.