Sri Lanka: Economic Situation

Foreign, Commonwealth and Development Office written question – answered on 27th July 2022.

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Photo of David Lammy David Lammy Shadow Secretary of State for Foreign, Commonwealth and Development Affairs

To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what steps the Government is taking with its international counterparts to resolve the political and economic situation in Sri Lanka.

Photo of Amanda Milling Amanda Milling Minister of State (Foreign, Commonwealth and Development Office)

The UK Government are encouraging all sides to find a peaceful, democratic, and inclusive approach to resolving the current political and economic challenges in Sri Lanka. We are closely monitoring the fast-moving situation, including the recent appointment of Prime Minister Ranil Wickremesinghe as President. We call on all parties to respect the rule of law, and refrain from violence and damage.

The UK is providing economic support through multilateral institutions such as the World Bank (WB), and International Monetary Fund (IMF). The UK has the joint fifth largest shares in the IMF, and is a major contributor to the UN and WB. The World Bank have announced assistance of US$400 million which includes funds to provide economic as well as health support.

The UK has a significant voice in international debt fora. We are working closely with fellow Paris Club members and multilateral organisations, including the World Bank, on solutions to Sri Lanka's debt crisis. We are also supporting the UN and its agencies in their coordinated response based on the UN's joint Humanitarian Needs and Priorities (HNP) Plan, launched on 9 June. This called for $47.2 million to provide life-saving assistance to 1.7 million people who are most at risk and need immediate support.

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