The World Bank has said that until Sri-Lanka does deep structural reforms, it will not provide new funding.
Sri Lanka is currently in critical situation with rampant inflation. There is a food and fuel shortage in the country and citizens are going through difficulties to make the ends meet.
The country has a population of over 22 million people. Their President Gotabaya Rajapaksa had to flee the country because of economic crisis and public outcry though protests.
The President resigned and recently the Sri Lanka Parliament elected Ranil Wickremesinghe to replace him. The Sri Lankan dept defaulted on $51 billion.
below is a picture showing the election of new President:
“Until an adequate macroeconomic policy framework is in place, the World Bank does not plan to offer new financing to Sri Lanka,” the lender said in a statement.
The government officials have been told to walk from home to save fuel. Auto-motive customers stay in long queues to get served at the fueling stations. The fuel in the stations is already rationed.
Reports say that most of the families has been forced to skip meals, eat less and buy lower-quality food. The new president is determined to stop the demonstrations with some arrested at the moment.
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