(LANKAPUVATH | COLOMBO) – World Bank is likely to approve a $700 million financial assistance to Sri Lanka next week, Reuters has reported according to sources.
The World Bank is expected to approve $700 million in budgetary and welfare support for Sri Lanka at its next board meeting on June 28, sources told Reuters.
Of the proposed World Bank funding, $500 million will be for budgetary support and is likely to come in two tranches of $250 million each, one of the sources, from the World Bank, has said.
It is the biggest funding tranche for the crisis-hit island nation since an IMF deal in March, Reuters reported.
All four sources, from the World Bank and the Sri Lankan finance ministry, sought anonymity as they were not authorized to talk to the media.
The International Monetary Fund approved a bailout of nearly $3 billion in March, which Sri Lanka expects will bring additional funding of up to $4 billion from the World Bank, the Asian Development Bank and other multilateral agencies.
