The World Bank stated on Thursday that it will not provide additional financing to Sri Lanka, which is through its worst economic crisis in decades, until the Indian Ocean country has an effective macroeconomic policy framework in place.
The World Bank stated in a statement that Sri Lanka needed to implement structural changes that prioritise economic stabilisation and address the underlying causes of the crisis, which has starved it of foreign currency and resulted in shortages of food, gasoline, and medications.
The dismal economic situation in Sri Lanka and its effects on the population strongly alarm the World Bank Group, the statement read.
The bank said that it is reusing funds from previous loans to assist ease shortages of crucial supplies like food for children, cooking gas, medicine, and cash for disadvantaged people.
According to the bank, it was tightly establishing control and fiduciary oversight to guarantee fair distribution.
Follow the latest news on Google News
