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. The first instalment of $400 million from the World Bank will be released shortly “to meet medicinal drugs and health needs, social security, agricultural and food security and gas needs,” the statement said.  In a meeting between World Bank representatives and President Gotabaya Rajapaksa, the multilateral institution pledged to continue providing assistance for overcoming the economic crisis. 

Court orders arrest of police officers over protester death 

A Sri Lankan court on Wednesday ordered the arrest of police officers involved in the death of a protester after the police opened fire at unarmed anti-government protesters demonstrating against the fuel price hike in southwestern region of Rambukkana. PTI