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LATEST NEWS UPDATES | World Bank's New Warning On Sri Lanka Amid Severe Food Price Inflation

World Bank's New Warning On Sri Lanka Amid Severe Food Price Inflation

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published Published on Aug 22, 2022   modified Modified on Aug 23, 2022

-Asian News International/ NDTV.com

Sri Lanka Economic Crisis: This comes as food price inflation remains at a multiyear high in South Asian countries including Pakistan.

Colombo: Sri Lanka is ranked fifth among the 10 countries with the highest food price inflation in the world, according to the latest World Bank assessment.

In its Food Security update, the World Bank said trade policy actions on food and fertilizers have surged since the beginning of the war in Ukraine. Countries actively used trade policy to respond to domestic needs when faced with potential food shortages at the beginning of the COVID-19 pandemic.

As of July, Sri Lanka is experiencing significant shortages in the domestic food supply.

In Sri Lanka, agricultural production has decreased by 40 per cent to 50 per cent because of fertilizer shortages, and there is a lack of foreign exchange to purchase food imports.

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Asian News International/ NDTV.com, 23 August, 2022, https://www.ndtv.com/world-news/sri-lanka-economic-crisis-world-banks-new-warning-on-sri-lanka-amid-severe-food-price-inflation-3278212?fbclid=IwAR2ri05bsu-KWzTQMn9y1-KghIN9b3OdgSfo_yeOMYp4hsMvG6gt8bFno


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