Sri Lanka Economic Crisis: Sri Lanka will get $ 300 million to $ 600 million from the World Bank for the purchase of medicines and other essential items in the next four months. Sri Lanka’s Finance Minister Ali Sabri, who is facing a severe economic crisis, gave this information on Friday. Sabri is currently in Washington to negotiate a relief package with the International Monetary Fund (IMF). He said in a video conference that talks with the IMF may take some time, and in the meantime the World Bank has agreed to help.
Sabri said neighboring India has also agreed to provide $500 million to buy fuel, and talks are on to get an additional $1 billion in aid from New Delhi. India has already given a line of credit of one billion dollars to Sri Lanka.
Inflation has gone out of control
Meanwhile, inflation in Sri Lanka has made life difficult for the people and in such a situation, the Census and Statistics Department of Sri Lanka has released its figures. Among them, the inflation rate on a year-on-year basis has come down to 21.5 percent in March. Food inflation in Sri Lanka’s National Consumer Price Index has come down on a year-on-year basis to 29.5 percent. At the same time, the non-food inflation rate has come down to 14.5 percent.
India is continuously providing assistance
On the other hand, India has provided assistance of about 2.5 billion USD to Sri Lanka in the last three months, which includes loan facilities for fuel and food. Apart from this, India is reportedly considering giving more aid of billion US dollars to the beleaguered island nation. On the other hand, Chinese spokesmen Xu and Wang did not give any details about China’s humanitarian aid. Earlier reports said that China had offered to send rice to Sri Lanka citing the Rubber-Rice Agreement signed in 1952, under which China would import rubber from Colombo.
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