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The Sri Lankan economic crisis [8] is an ongoing crisis in Sri Lanka that started in 2019. [9] It is the country's worst economic crisis since its independence in 1948. [9] It has led to unprecedented levels of inflation, near-depletion of foreign exchange reserves, shortages of medical supplies, and an increase in prices of basic commodities. [10]
Services accounted for 58.2% of Sri Lanka's economy in 2019 up from 54.6% in 2010, industry 27.4% up from 26.4% a decade earlier and agriculture 7.4%. [39] Though there is a competitive export agricultural sector, technological advances have been slow to enter the protected domestic sector. [40]
Reuters reported last week that the World Bank is likely to approve $700 million in budgetary and welfare support for Sri Lanka at its board meeting on June 28, out of which $200 million will be ...
The World Bank approved $700 million in budgetary and welfare support for Sri Lanka on Thursday, the biggest funding tranche for the crisis-hit island nation since an International Monetary Fund ...
The restructuring of domestic debt in cash-strapped Sri Lanka is a crucial step towards addressing the country’s financial challenges and achieving fiscal stability. By negotiating new terms and conditions with domestic lenders, the government aims to alleviate immediate cash flow pressures and establish a sustainable framework for debt ...
Sri Lanka has been involved with the World Bank since its initial entrance into the International Bank for Reconstruction and Development (IBRD) on August 29, 1950. [1] Currently, Sri Lanka's quota in the IBERT is approximately 515.4 million dollars, thus allotting 5,846 votes or 0.25% of the total votes in the institution. [2]
A 2012 internal review of nine World Bank-supported projects found that the number of affected people turned out to be, on average, 32 percent higher than the figure reported by the bank before approving the initiatives, understating the number of people affected by the nine projects by 77,500.
Sri Lanka signed a $500 million credit line with India to import fuel on Wednesday, officials said, as the island nation seeks to stave off rolling power cuts amid a foreign exchange crisis that ...