Sri Lanka Doesn’t Get World Bank Aid Without Proper Structural Changes In Economy

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Sri Lanka isn’t getting any help from the World Bank. The world lending agency has shown deep concern over the economic situation of the country, but it has also made it clear that it has no intentions of extending more funding, unless there is some development in the way the democratic setup of the country is put back on track.

A robust ‘macroeconomic framework’ is the need of the hour as suggested by the UN led World Bank in its twitter message. Deep structural reform is needed to ensure the worthy 22 million starving and suffering Sri Lankans are taken care of.

Corruption within the ranks has been seen as the major reason for the drain of funds and no economic growth. While the World Bank isn’t going to lend any money for the economy to run, it has shown clemency and diverted US$160 million from existing loans to finance urgently needed medicines, cooking gas and school meals.

People have been forced to buy low quality food. There is dearth of fuel and long queues have left people exasperated. The island nation has run out of foreign exchange to finance even the most essential imports, and chronic shortages have inflamed public anger.

 The beautiful small island nation is also said to have defaulted on its US$51-billion foreign debt in April 2022 leading to huge protests earlier this month. This led to the then president Gotabaya Rajapaksa to flee the country and resign later when he was refused entry into India and immunity in Singapore. 

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