South Africa has recorded the most coronavirus cases and deaths on the African continent.
Several business groups in Sri Lanka have asked the president to appoint a new government and resign immediately.
After Rajapaksa won 2019 elections, a mix of sweeping tax cuts and ill-thought-out policies have eroded nation’s cash.
Sri Lanka’s worst financial crisis has left it struggling to pay for essentials, including food, fuel and medicines.
Sri Lanka will receive up to $600m from the World Bank over the next 4 months to buy medicine and other essential goods.
Appointing advisers is the first step in accessing emergency funds from development banks.
Rising interest rates are squeezing the world’s poorest nations already struggling with COVID-19 and high food prices.
The IMF may consider this request due to the unique circumstances, an aide to the nation’s finance minister said.
The Business Enabling Environment Project is nothing but a rebranding of the discredited Doing Business report.
New credit line will be used for imports of essential items such as rice, wheat flour, pulses, sugar & medicine.
Funds will be disbursed through UN and aid agencies, bypassing the Taliban, to ease worsening humanitarian crisis.
In its latest outlook, the bank again raises alarm over growing levels of inequality both within and between nations.
Board members on Tuesday will discuss moving $500m from a frozen aid fund to humanitarian agencies, Reuters reports.
The jump in remittances is fuelled by transfers to Latin America and migrants headed for the US, the World Bank said.
