The World Bank has agreed to provide financial assistance of USD 60 million to Sri Lanka to meet imports of essential commodities. Sri Lanka’s President’s Media Department said in a statement issued yesterday that the World Bank will soon release $400 million in financial assistance. According to the statement, the World Bank has said that it will continue to assist Sri Lanka in its recovery from the current economic crisis.
Sri Lanka’s foreign exchange reserves have fallen by 70 per cent in the past two years, making it the worst financial crisis ever since its independence in 1948.
India has provided assistance of one trillion 90 billion dollars to Sri Lanka to overcome this crisis. Sri Lanka’s Finance Minister Ali Sabri has said that his country is also trying to get financial assistance from the Asian Development Bank.
Meanwhile, the Sri Lankan government has announced the issuance of long-term visas to attract foreign exchange. Foreign nationals who deposit a minimum of $100,000 will be allowed to live and work in Sri Lanka for ten years.
