The Fort Worth Press - World Bank refuses new funding for bankrupt Sri Lanka

USD -
AED 3.673042
AFN 68.266085
ALL 93.025461
AMD 389.644872
ANG 1.80769
AOA 912.000367
ARS 997.22659
AUD 1.547988
AWG 1.795
AZN 1.70397
BAM 1.85463
BBD 2.025224
BDT 119.861552
BGN 1.857551
BHD 0.376464
BIF 2962.116543
BMD 1
BND 1.344649
BOB 6.930918
BRL 5.79695
BSD 1.002987
BTN 84.270352
BWP 13.71201
BYN 3.282443
BYR 19600
BZD 2.02181
CAD 1.41005
CDF 2865.000362
CHF 0.887938
CLF 0.035528
CLP 975.269072
CNY 7.232504
CNH 7.23645
COP 4499.075435
CRC 510.454696
CUC 1
CUP 26.5
CVE 104.561187
CZK 23.965904
DJF 178.606989
DKK 7.07804
DOP 60.43336
DZD 133.184771
EGP 49.296856
ERN 15
ETB 121.465364
EUR 0.94835
FJD 2.27595
FKP 0.789317
GBP 0.792519
GEL 2.73504
GGP 0.789317
GHS 16.022948
GIP 0.789317
GMD 71.000355
GNF 8643.497226
GTQ 7.746432
GYD 209.748234
HKD 7.785135
HNL 25.330236
HRK 7.133259
HTG 131.85719
HUF 387.22504
IDR 15898.3
ILS 3.744115
IMP 0.789317
INR 84.47775
IQD 1313.925371
IRR 42092.503816
ISK 137.650386
JEP 0.789317
JMD 159.290693
JOD 0.709104
JPY 154.340504
KES 129.894268
KGS 86.503799
KHR 4051.965293
KMF 466.575039
KPW 899.999621
KRW 1395.925039
KWD 0.30754
KYD 0.835902
KZT 498.449576
LAK 22039.732587
LBP 89819.638708
LKR 293.025461
LRD 184.552653
LSL 18.247689
LTL 2.95274
LVL 0.60489
LYD 4.898772
MAD 9.999526
MDL 18.224835
MGA 4665.497131
MKD 58.423024
MMK 3247.960992
MNT 3397.999946
MOP 8.042767
MRU 40.039827
MUR 47.210378
MVR 15.450378
MWK 1739.225262
MXN 20.35475
MYR 4.470504
MZN 63.903729
NAD 18.247689
NGN 1665.820377
NIO 36.906737
NOK 11.08797
NPR 134.832867
NZD 1.704318
OMR 0.384524
PAB 1.002987
PEN 3.80769
PGK 4.033
PHP 58.731504
PKR 278.485894
PLN 4.096724
PYG 7826.086957
QAR 3.656441
RON 4.725204
RSD 110.944953
RUB 99.872647
RWF 1377.554407
SAR 3.756134
SBD 8.390419
SCR 13.840372
SDG 601.503676
SEK 10.978615
SGD 1.343704
SHP 0.789317
SLE 22.603667
SLL 20969.504736
SOS 573.230288
SRD 35.315504
STD 20697.981008
SVC 8.776255
SYP 2512.529858
SZL 18.240956
THB 34.842038
TJS 10.692144
TMT 3.51
TND 3.164478
TOP 2.342104
TRY 34.447038
TTD 6.810488
TWD 32.476804
TZS 2667.962638
UAH 41.429899
UGX 3681.191029
UYU 43.042056
UZS 12838.651558
VES 45.732111
VND 25390
VUV 118.722009
WST 2.791591
XAF 622.025509
XAG 0.033067
XAU 0.00039
XCD 2.70255
XDR 0.755583
XOF 622.025509
XPF 113.090892
YER 249.875037
ZAR 18.18901
ZMK 9001.203587
ZMW 27.537812
ZWL 321.999592
  • RBGPF

    61.8400

    61.84

    +100%

  • SCS

    -0.0400

    13.23

    -0.3%

  • BCC

    -0.2600

    140.09

    -0.19%

  • GSK

    -0.6509

    33.35

    -1.95%

  • CMSC

    0.0200

    24.57

    +0.08%

  • NGG

    0.3800

    62.75

    +0.61%

  • RELX

    -1.5000

    44.45

    -3.37%

  • JRI

    0.0235

    13.1

    +0.18%

  • RIO

    0.5500

    60.98

    +0.9%

  • RYCEF

    0.0400

    6.82

    +0.59%

  • CMSD

    0.0822

    24.44

    +0.34%

  • AZN

    -1.8100

    63.23

    -2.86%

  • VOD

    0.0900

    8.77

    +1.03%

  • BTI

    0.9000

    36.39

    +2.47%

  • BCE

    -0.0200

    26.82

    -0.07%

  • BP

    -0.0700

    28.98

    -0.24%

World Bank refuses new funding for bankrupt Sri Lanka
World Bank refuses new funding for bankrupt Sri Lanka / Photo: © AFP

World Bank refuses new funding for bankrupt Sri Lanka

The World Bank said Friday it would not offer new funding to Sri Lanka unless the bankrupt island nation carried out "deep structural reforms" to stabilise its crashing economy.

Text size:

Sri Lanka has suffered an unprecedented downturn with its 22 million people enduring months of food and fuel shortages, rolling blackouts and rampant inflation.

The South Asian nation defaulted on its $51-billion foreign debt in April and huge protests earlier this month forced then president Gotabaya Rajapaksa to flee the country and resign.

The World Bank said it was concerned about the impact of the crisis on Sri Lanka's people but was not ready to give funds until the government had bedded down necessary reforms.

"Until an adequate macroeconomic policy framework is in place, the World Bank does not plan to offer new financing to Sri Lanka," the lender said in a statement.

"This requires deep structural reforms that focus on economic stabilisation, and also on addressing the root structural causes that created this crisis."

The World Bank said it had already diverted $160 million from existing loans to finance urgently needed medicines, cooking gas and school meals.

Sri Lanka is currently in bailout talks with the International Monetary Fund but officials say the process could take months.

The island nation has run out of foreign exchange to finance even the most essential imports, and chronic shortages have inflamed public anger.

Motorists stay in long queues for days to get rationed petrol and government officials have been told to work from home to reduce commuting and save fuel.

The UN World Food Programme estimates the crisis has forced five out of every six Sri Lankan families to buy lower-quality food, eat less or in some cases skip meals altogether.

The crisis came to a head on July 9, when tens of thousands of protesters stormed Rajapaksa's residence, forcing the president to flee to Singapore and resign.

His successor, Ranil Wickremesinghe, has declared a state of emergency and vowed a tough line against "trouble-makers", with several activists who helped lead the mass demonstrations arrested this week.

S.Palmer--TFWP