Sri Lanka has suffered an unprecedented downturn with its 22 million people enduring months of food and fuel shortages. Photo: Arun SANKAR / AFPSource: AFPThe 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. "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. 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.

Source: Daily Nation July 29, 2022 12:41 UTC