The International Finance Corporation (IFC), the World Bank’s 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 February 27.
The island nation’s 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
