The World Bank will disburse approximately 700 million U.S. dollars to Sri Lanka within the next few months, Sri Lanka’s foreign minister announced on Monday.

This pledge was made when the World Bank’s Country Manager in Colombo Chiyo Kanda talked to Sri Lankan Minister of Foreign Affairs G.L. Peiris.

During the meeting, the minister sought assistance from the World Bank until long term assistance materializes through the International Monetary Fund, other international institutions and donor countries.

The minister stated that short term financial assistance from the World Bank would be appreciated until sustainable solutions are found.

The World Bank country manager said that her office is also working with other organizations such as the Asian Development Bank, Asian Infrastructure Investment Bank, and the UN office, encouraging them to “re-purpose” their already committed projects to help the people of Sri Lanka at this difficult time.

Sri Lanka is facing a severe foreign currency shortage which has created problems in importing essential items.