Sri Lanka will receive preferential financing
2022.12.06 00:05
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Sri Lanka will receive preferential financing
Budrigannews.com – The lender announced on Tuesday that it had granted Sri Lanka’s crisis-hit request for concessional financing from the International Development Association in order to assist in stabilizing the country’s economy.
The 22 million-person island nation is having trouble paying for food, fuel, and medicine imports due to rising inflation, a weakening currency, and low foreign exchange reserves.
Through the IDA, Sri Lanka will get concessional funding, specialized help, and strategy counsel from the World Bank to execute changes towards monetary recuperation.
The World Bank stated in a statement that access to IDA’s concessional financing would also alleviate debt service pressures due to its favorable terms.
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