INSUBCONTINENT EXCLUSIVE:
The World Bank is likely to approve $700 million in budgetary and welfare support for Sri Lanka at its next board meeting on June 28,
sources told Reuters, the biggest funding tranche for the crisis-hit island nation since an IMF deal in March.The economy of the country of
contraction of 7.8% after foreign exchange reserves hit record lows.The International Monetary Fund approved a bailout of nearly $3 billion
in March, which Sri Lanka expects will bring additional funding of up to $4 billion from the World Bank, the Asian Development Bank and
other multilateral agencies.Of the proposed World Bank funding, $500 million will be for budgetary support and is likely to come in two
tranches of $250 million each, one of the sources, from the World Bank, said.All four sources, from the World Bank and the Sri Lankan
finance ministry, sought anonymity as they were not authorised to talk to the media.The first tranche is likely to be disbursed immediately
review of the IMF programme, due in September, the World Bank source added.The remaining $200 million will be earmarked for programmes to
