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World Bank approves Sri Lanka's concessional funding request

06 December 2022 10:14 (UTC +04:00)

The World Bank has approved crisis-hit Sri Lanka's request to access concessional financing from the International Development Association (IDA) so as to help stabilise its economy, the lender said on Tuesday, APA reports citing Reuters.

Soaring inflation, a weakening currency and low foreign exchange reserves have left the island nation of 22 million struggling to pay for imports of essentials such as food, fuel and medicine.

Through the IDA, Sri Lanka will receive concessional financing, technical assistance, and policy advice from the World Bank to implement reforms towards economic recovery.