World Bank to give $600-million aid to Lanka to overcome economic crisis

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.