Australia gives Sri Lanka US$50mn in food, medicine aid amid
ECONOMYNEXT – Australia said the country will provide 50 million US dollars in official aid for Sri Lanka which is reeling from the worst currency crisis in the history of its 72 year old 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) an dual anchor regime promoted to many third world countries collapsed in March from 200 to 360 to the US dollar after two year of money printed to mis-target interest rates.
Many lower income people can no longer afford to buy food which are rising daily with 12-month inflation officially at 39 percent.