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Poverty will increase in Sri Lanka this year, warns World Bank

Colombo. The World Financial institution has warned that poverty will improve in Sri Lanka this yr. Together with this, the worldwide physique appealed to Sri Lanka to chop debt, scale back fiscal deficit and supply aid to the poor and weak.

Sri Lanka is dealing with probably the most extreme financial disaster since independence from Britain in 1948. This disaster is partly because of a scarcity of international trade, which is making it tough to pay for the import of meals and gas.

“About 11.7 percent of people in Sri Lanka earn less than US$3.20 a day, which is the poverty line for low-middle income countries,” the World Financial institution stated. This quantity is 9.2 p.c greater than in 2019.

The World Financial institution stated that one of many causes for the rise in poverty within the nation is that the prosperity program of the federal government was not sufficient. Beneath this, about 12 lakh poor households have been coated within the nation. The Sri Lankan financial system declined by about 3.6 p.c in 2020 as a result of Covid epidemic.

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