| 24 February 2024, Saturday |

Sri Lanka to replace ‘unrealistic’ budget, in talks to extend World Bank aid

Sri Lanka intends to replace its current “unrealistic” budget and is in talks with the World Bank to increase its assistance from $300 million to $700 million, according to the country’s finance minister on Wednesday.

The island nation, which has been hard hit by COVID-19 and is short of revenue as a result of President Gotabaya Rajapaksa’s government’s steep tax cuts, is critically short of foreign exchange and has requested an emergency bailout from the International Monetary Fund.

Inflationary pressures and a lack of imported food, fuel, and medicines have sparked weeks of protests that have occasionally turned violent.

  • Reuters