Colombo: The United States announced on Thursday that it would provide $6 million in emergency aid Sri Lanka To meet the needs of marginalized and vulnerable communities affected by the economic crisis of the country.
The new funding will also provide technical assistance to the Sri Lankan government as it implements economic and financial reform measures to stabilize the economy, part of an anticipated International Monetary Fund (IMF) package, the US embassy in Colombo said in a statement. is in line with.
“The US remains committed to supporting the people of Sri Lanka as they face today’s economic and political challenges. As a long-standing development partner, we will continue our efforts to promote sustainable economic growth and good governance,” said US Ambassador to Sri Lanka Julie Chung.
This emergency funding, through the US Agency for International Development (USAID), the development arm of the US government, responds to emerging or unforeseen complex crises overseas. A portion of this funding will go to USAID’s Social Cohesion and Reconciliation Project (SCOR) to support small-scale agricultural productivity and micro-enterprises in communities that have traditionally experienced high poverty rates and particularly affected by the crisis.
The funding will also support public sector efficiency and resource management through USAID’s project to accelerate results in business, national spending and revenue.
“The $6 million in new aid is part of a much larger package of foreign aid to Sri Lanka from the American people to meet current need. This support is part of a shared history that has helped the United States financially exceed $2 billion. and humanitarian aid since 1956,” the statement said.
The United States will continue to add to its significant investment and aid projects in Sri Lanka to help meet the immediate and long-term needs of the people of Sri Lanka. The US on Wednesday announced a new loan of USD 120 million to Sri Lanka to develop and support small and medium-sized businesses in the country.
Sri Lanka is facing its worst economic crisis since its independence from Britain in 1948. The economic crisis has prompted severe shortages of essential items like food, medicine, cooking gas and other fuels, toilet paper and even matches.
The country is facing long queues for refueling at pumping stations as the government finds it difficult to finance fuel imports to maintain sufficient reserves for at least three months.
The nearly bankrupt country, coupled with an acute foreign exchange crisis that resulted in foreign debt defaults, announced in April that it was suspending foreign debt repayments of about $7 billion due this year out of about $25 billion due by 2026. . Sri Lanka’s total external debt stands at $51 billion.
The new funding will also provide technical assistance to the Sri Lankan government as it implements economic and financial reform measures to stabilize the economy, part of an anticipated International Monetary Fund (IMF) package, the US embassy in Colombo said in a statement. is in line with.
“The US remains committed to supporting the people of Sri Lanka as they face today’s economic and political challenges. As a long-standing development partner, we will continue our efforts to promote sustainable economic growth and good governance,” said US Ambassador to Sri Lanka Julie Chung.
This emergency funding, through the US Agency for International Development (USAID), the development arm of the US government, responds to emerging or unforeseen complex crises overseas. A portion of this funding will go to USAID’s Social Cohesion and Reconciliation Project (SCOR) to support small-scale agricultural productivity and micro-enterprises in communities that have traditionally experienced high poverty rates and particularly affected by the crisis.
The funding will also support public sector efficiency and resource management through USAID’s project to accelerate results in business, national spending and revenue.
“The $6 million in new aid is part of a much larger package of foreign aid to Sri Lanka from the American people to meet current need. This support is part of a shared history that has helped the United States financially exceed $2 billion. and humanitarian aid since 1956,” the statement said.
The United States will continue to add to its significant investment and aid projects in Sri Lanka to help meet the immediate and long-term needs of the people of Sri Lanka. The US on Wednesday announced a new loan of USD 120 million to Sri Lanka to develop and support small and medium-sized businesses in the country.
Sri Lanka is facing its worst economic crisis since its independence from Britain in 1948. The economic crisis has prompted severe shortages of essential items like food, medicine, cooking gas and other fuels, toilet paper and even matches.
The country is facing long queues for refueling at pumping stations as the government finds it difficult to finance fuel imports to maintain sufficient reserves for at least three months.
The nearly bankrupt country, coupled with an acute foreign exchange crisis that resulted in foreign debt defaults, announced in April that it was suspending foreign debt repayments of about $7 billion due this year out of about $25 billion due by 2026. . Sri Lanka’s total external debt stands at $51 billion.