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The World Bank has refused to provide further financial assistance to Sri Lanka unless the struggling country introduces massive structural reforms.
According to the news agency AFP, the World Bank has said that although it is concerned about the impact of the economic crisis on the people of Sri Lanka, funds will not be provided until the necessary reforms are introduced.
The World Bank has said in an ongoing statement that it does not intend to provide further aid to Sri Lanka until the economic policy framework is in place.
The World Bank has said that 16 million dollars of the current loans will be spent on medicines, cooking gas and school meals for children.
On the other hand, Sri Lanka's negotiations with the International Monetary Fund (IMF) are ongoing, but it may take several months to complete all these steps.
It should be noted that the Sri Lankan government has declared itself bankrupt due to its foreign debts of 51 billion dollars.
Sri Lanka is unable to import even essential goods due to lack of foreign exchange reserves.
Long queues of cars and motorbikes outside petrol pumps have become the norm, but citizens are getting limited amounts of petrol while government officials have been directed to work from home.
According to the Colombo Consumer Price Index data released on Friday, the inflation rate has reached 60.8 percent in July, while the value of the Sri Lankan rupee has more than halved against the dollar.
According to the World Food Program of the United Nations, five out of six families are forced to buy low-quality food, have little food available, and in some cases skip one meal a day.
