US $ 160 Mn received from World Bank, says PM while adding that SL doesn’t even have US $ 1 Mn to settle debt

US $ 160 Mn received from World Bank, says PM while adding that SL doesn’t even have US $ 1 Mn to settle debt

US $ 160 Mn received from World Bank, says PM while adding that SL doesn’t even have US $ 1 Mn to settle debt

Written by Zulfick Farzan

18 May, 2022 | 11:44 am

COLOMBO (News 1st); Sri Lanka received US $ 160 Million from the World Bank on Tuesday (17), revealed Prime Minister Ranil Wickremesinghe in Parliament on Wednesday (18).

“We cannot utilize this USD 160 Million for fuel imports, but we will be discuss with them on the possibility,” the Prime Minister said adding that the Asian Development Bank is to also provide a similar amount.

Samagi Jana Balavegaya MP Dr. Harsha De Silva said that Sri Lanka will be going in to a hard default on Wednesday (18), meaning that for the first in Sri Lankan history the country will not be able to settle its loans, as the 30-day grace period for settlement has lapsed.

In response, the Prime Minister said he would provide a report on the debt settlement by next week, adding that some details on debt are not available or either wrong.

“Be it USD 1 Billion or USD 10 Billion, we don’t even have USD 1 Million to make payments. That is the situation,” the Prime Minister told the house.

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