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Monday June 27th, 2022

Australia gives Sri Lanka US$50mn in food, medicine aid

ECONOMYNEXT – Australia said it will provide 50 million US dollars in official aid for Sri Lanka which is reeling from the worst currency crisis in its 72-year-old history of intermediate regime central bank.

“We will contribute an immediate $22 million to the World Food Programme for emergency food assistance to help three million people in Sri Lanka meet their daily nutritional needs,” Minister for Foreign Affairs Penny Wong said in a statement.

“Australia will also provide $23 million in development assistance to Sri Lanka in 2022-23.”

“This will support health services, and economic recovery, with a strong emphasis on protecting those at risk, especially women and girls.”

Sri Lanka’s soft-peg (flexible exchange rate) a dual anchor regime promoted to many third-world countries collapsed in March from 200 to 360 to the US dollar after two years of money printed to miss target interest rates.

Many lower-income people can no longer afford to buy food which is rising daily with 12-month inflation officially at 39 percent. (Colombo/June20/2022)

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