The World Bank will extend $600 million in financial assistance to Sri Lanka in two phases to address its economic crisis, according to a statement from the president’s office of the country. Sri Lanka stocks rallied, marking their first day of gains since April 5.
The Colombo All-Share Index ended 6.8 per cent higher, after losing about 15 per cent in the past two days. The bluechip S&P Sri Lanka 20 Index surged 14 per cent. Trading had to be suspended in the prior two sessions within minutes of the open as the S&P gauge fell by its daily set limit. The first instalment of $400 million from the World Bank will be released shortly “to meet medicinal drugs and health needs, social security, agricultural and food security and gas needs,” the statement said. In a meeting between World Bank representatives and President Gotabaya Rajapaksa, the multilateral institution pledged to continue providing assistance for overcoming the economic crisis.
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