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| The Acting President of Sri Lanka had imposed emergency in the country. (Photo: AFP) |
The World Bank has refused to provide further financial assistance to Sri Lanka unless the struggling country introduces massive structural reforms.
The World Bank has said that although there is concern about the impact of the economic crisis on the people of Sri Lanka, funds will not be provided until the necessary reforms are introduced. No further assistance is intended.
The statement added that there is a need for reforms that focus on bringing economic stability and considering all the factors that led to the economic crisis. , gas used for cooking and food for children at school will be spent.
On the other hand, Sri Lanka's negotiations with the International Monetary Fund (IMF) are ongoing, but it will take several months to complete all this phase.
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It should be noted that the government of Sri Lanka has declared itself bankrupt due to its foreign debts of 51 billion dollars.
Sri Lanka is not able to import even essential goods due to the lack of foreign exchange reserves.
Long queues of cars and motorbikes outside petrol pumps have become the norm, but citizens are getting limited amounts of petrol while government officials have been instructed to work from home.
Colombo Consumer Price Index data released on Friday.
According to figures, the inflation rate has reached 60.8 percent in July, while the value of the Sri Lankan rupee has more than halved against the dollar.
According to the United Nations World Food Program, five out of six families live in low-income households. are forced to buy food, who have little food available while in some cases have to skip one meal a day.
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