Sri Lanka: Development Aid

Foreign, Commonwealth and Development Office written question – answered on 17th June 2022.

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Photo of Jim Shannon Jim Shannon Shadow DUP Spokesperson (Human Rights), Shadow DUP Spokesperson (Health)

To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, whether he is taking steps to assist Sri Lanka with petrol prices.

Photo of Vicky Ford Vicky Ford Parliamentary Under-Secretary (Foreign, Commonwealth and Development Office)

The UK Government recognises Sri Lanka is facing its worst economic crisis since independence and the impact this is having on fuel prices and other commodities. Concurrent challenges in public finance and sovereign debt, as well as the availability and affordability of essential items like food, fertilisers, medicines and fuel, have disrupted livelihoods across the country.

UK economic support is forthcoming through multilateral institutions like the International Monetary Fund (IMF), World Bank (WB) and UN, as underlined by the Prime Minister when he spoke to the Prime Minister of Sri Lanka, Ranil Wickremesinghe, on 30 May. The UK has the joint fifth largest share in the IMF, and is a major contributor to the UN and WB. We welcome the start of in-depth discussions with the IMF on reforms needed to bring the economy back to a sustainable path. In April, the WB agreed to provide USD$ 600 million in financial assistance and we understand there are discussions to extend this support. We also have a significant voice in international fora like the Paris club and will work on solutions to Sri Lanka's debt crisis. We continue to monitor the situation closely and will encourage a peaceful, democratic and inclusive approach to help support Sri Lanka through its economic and political challenges.

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