Business Standard

Saturday, December 21, 2024 | 07:18 PM ISTEN Hindi

Notification Icon
userprofile IconSearch

Sri Lanka says India, World Bank consider $2 billion bridge finance

The country of 22 million people is struggling to pay for imports after a sharp drop in foreign exchange reserves which has led to a currency devaluation and soaring inflation

Sri Lanka
Premium

People wait in a line to buy petrol at a Ceylon Ceypetco fuel station on a main road, amid the country's economic crisis in Colombo (Photo: Reuters)

Reuters Colombo
Sri Lanka's finance minister said on Friday that its neighbour India and the World Bank are considering extending about $2 billion in bridge finance so it can continue essential imports.

The country of 22 million people is struggling to pay for imports after a sharp drop in foreign exchange reserves which has led to a currency devaluation and soaring inflation.

Sri Lanka, which has $51 billion of external credit, is working on a wider plan to secure funds to help it through its worst economic crisis, with prolonged power cuts and shortages of fuel and medicines that have sparked nationwide protests.

The government

Disclaimer: No Business Standard Journalist was involved in creation of this content

What you get on BS Premium?

  • Unlock 30+ premium stories daily hand-picked by our editors, across devices on browser and app.
  • Pick your 5 favourite companies, get a daily email with all news updates on them.
  • Full access to our intuitive epaper - clip, save, share articles from any device; newspaper archives from 2006.
  • Preferential invites to Business Standard events.
  • Curated newsletters on markets, personal finance, policy & politics, start-ups, technology, and more.
VIEW ALL FAQs

Need More Information - write to us at assist@bsmail.in