{"id":132556,"date":"2023-02-27T16:19:58","date_gmt":"2023-02-27T23:19:58","guid":{"rendered":"https:\/\/www.lankaweb.com\/news\/items\/?p=132556"},"modified":"2023-02-27T16:19:58","modified_gmt":"2023-02-27T23:19:58","slug":"world-banks-ifc-to-provide-sri-lanka-with-400-million-financing","status":"publish","type":"post","link":"https:\/\/www.lankaweb.com\/news\/items\/2023\/02\/27\/world-banks-ifc-to-provide-sri-lanka-with-400-million-financing\/","title":{"rendered":"World Bank\u2019s IFC to provide Sri Lanka with $400 million financing"},"content":{"rendered":"<h2><span style=\"color: #0000ff;\"><em>Courtesy Adaderana<\/em><\/span><\/h2>\n\n\n<p>The International Finance Corporation (IFC), the World Bank\u2019s investment arm, said it will provide Sri Lanka with a $400 million cross-currency swap facility to help fund essential imports.<\/p>\n\n\n\n<p>Three private banks will receive the facility to fund about 30% of imports, including medicine, food and fertiliser, the IFC said in a statement on February 27.<\/p>\n\n\n\n<p>The funds will provide a much-needed foreign exchange cushion for Sri Lanka, which is grappling with its worst financial crisis in over seven decades partly triggered by a severe shortage of dollars.<\/p>\n\n\n\n<p>The island nation\u2019s economy is estimated to have contracted by 9.2% in 2022 and is expected to shrink a further 4.2% in 2023, according to World Bank data.<\/p>\n\n\n\n<p>We expect this financing to boost confidence in the investor community, attract fresh capital inflows to support the Sri Lankan economy,\u201d said Joon Young Park, IFC\u2019s Portfolio Manager, Financial Institutions Group for South Asia.<\/p>\n\n\n\n<p>IFC is also working on further plans to support client banks with other long-term funding and advisory services in the future, the statement added.<\/p>\n\n\n\n<p>Sri Lanka signed a preliminary agreement with the International Monetary Fund (IMF) for a $2.9 billion bailout last September but has to put its debt on a sustainable repayment track before the funds can be disbursed.<\/p>\n\n\n\n<p><strong>Source &#8211; Reuters&nbsp;<\/strong><\/p>\n\n\n\n<p><em>-Agencies<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Courtesy Adaderana The International Finance Corporation (IFC), the World Bank\u2019s investment arm, said it will provide Sri Lanka with a $400 million cross-currency swap facility to help fund essential imports. Three private banks will receive the facility to fund about 30% of imports, including medicine, food and fertiliser, the IFC said in a statement on [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[102],"tags":[],"class_list":["post-132556","post","type-post","status-publish","format-standard","hentry","category-economy"],"_links":{"self":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/132556","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/comments?post=132556"}],"version-history":[{"count":0,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/posts\/132556\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/media?parent=132556"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/categories?post=132556"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.lankaweb.com\/news\/items\/wp-json\/wp\/v2\/tags?post=132556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}