Sri Lanka

World Bank grants cash-strapped Sri Lanka US$1bil loan

A worker carries a sack of vegetables at the whole sale market in Colombo, Sri Lanka June 1, 2023. - Photo: Reuters file

COLOMBO: Sri Lanka has been granted a billion-dollar loan to boost its agriculture, tourism and energy sectors, the World Bank said on Wednesday (May 7), as the country emerges from an unprecedented economic crisis.

Sri Lanka's economy collapsed in 2022 when it ran out of foreign exchange to finance even the most essential imports such as food, fuel, and medicines.

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