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World Bank is to approve a substantial aid package worth $700 million to crisis-hit Sri Lanka. It would allow the largest funding tranche the island nation has received since securing a deal with the International Monetary Fund in March. The proposed funding would comprise $500 million for budgetary support, likely to be disbursed in two installments of $250 million each. Additionally, an allocation of $200 million will be earmarked for programs aimed at assisting the country's impoverished population, which has swelled to 25% in the wake of last year's severe economic crisis. In March, the International Monetary Fund approved a rescue package of nearly $3 billion. About IMF Formation: 27 December 1945 Headquarters: Washington, D.C., U.S. Managing Director: Kristalina Georgieva About Sri Lanka Capitals: Colombo, Sri Jayawardenepura Kotte Currency: Sri Lankan rupee
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