Sri Lanka economic crisis: World Bank came forward to revive the country's economy, ready to provide emergency assistance
On Wednesday, a relief news came for Sri Lanka, which is facing the worst economic crisis in history. In fact, the World Bank has now come forward to protect the people of Lanka, who have become poor after getting trapped in the debt trap. A report released in this regard said that the World Bank has agreed to provide emergency assistance to rescue the country.
World Bank Vice President gave confidence
Let us inform that Sri Lanka's Finance Minister Ali Sabri is in Washington, USA for the meetings of International Monetary Fund, IMF and World Bank. The report said that World Bank Vice President Hartwig Schaefer and Ali Sabri had a lengthy discussion on the issue on Tuesday. During this, Sabri gave information about the dire situation in Sri Lanka due to the economic crisis. During the meeting, relief works were discussed to bring the country's economy out of crisis and protect the vulnerable. Please tell here that Sri Lanka which is on the verge of bankruptcy. The situation in the country is the worst since its independence from Britain in 1948.
Concern expressed over the situation in Sri Lanka
Schaefer said the current crisis in Sri Lanka, locals are desperate for food, petrol pumps are dry and inflation has become one of the highest in Asia. Seeing all this situation, the World Bank is worried. He said that in view of all these concerns, the World Bank is ready to do everything possible to help the troubled and vulnerable people of the country and has agreed to provide emergency assistance to Sri Lanka. With this help, people can be supplied with essential items, such as medicines, nutritional items, etc.
IMF praises India
It was also mentioned in the report that the help being provided by the IMF in the midst of the deteriorating situation in Sri Lanka is commendable. Let us inform here that Indian Finance Minister Nirmala Sitharaman is also on a visit to America these days and on Tuesday, she met IMF MD Christina Georgieva. During this meeting, the IMF MD had praised India for helping Sri Lanka. During this, Sitharaman also assured that all possible help from India to the neighboring country would continue.
Sri Lanka in the worst phase of history
Significantly, the island country is currently facing the worst economic crisis in its history. The foreign exchange reserves of the country have been completely depleted. Demonstrations are being held against the government across the country. Locals are also turning violent, accusing the government of failing to handle the country's economy properly. The situation that has arisen in the country regarding fuel can be gauged from the fact that petrol-diesel pumps are lying dry and where there is some left, there are long lines. People have become miserable due to non-importation of essential goods. The situation of power cuts in the country is such that every day more than ten hours are being cut.
President Rajapaksa gave this big statement
Let us tell you that Sri Lanka, a island country with a population of 22 million, has a debt of $ 51 billion (Rs 3 lakh 88 thousand crore) to many countries including China and Sri Lanka has raised its hands to pay it. Recently, the government had said that it is completely unable to repay the foreign debt. Meanwhile, President Gotabaya Rajapaksa defended the government, saying that the situation that has arisen in the country is not created by the government. In the past, Sri Lanka's Finance Minister Ali Sabri, after returning to his post, said that Sri Lanka will need approximately within the next six months to help restore the supply of essential commodities, including fuel and medicines, to deal with the serious economic crisis in the country. External assistance of three billion dollars (22 thousand 500 crore rupees) will be required.
The situation of the country is deteriorating continuously
The situation in the country is continuously getting worse. People also have to buy a bread packet for $ 0.75 (150) rupees. Not only this, at present people have to spend up to Rs 100 for a tea. Significantly, on August 30 last year, the Sri Lankan government declared a national financial emergency following a sharp fall in currency value and a sharp rise in food prices after that. The cost of one kg of chillies in the country has gone up to Rs 710, an increase of 287 per cent in the same month. Not only this, the price of brinjal increased by 51 percent, then the price of onion increased by 40 percent. Had to pay up to Rs 200 for one kg of potatoes.