The World Bank is working with countries on the preparation of $12 billion of new projects for the next 15 months to respond to the food security crisis, according to the statement.
"160 million dollars has been received from the World Bank and a grant from the ADB (Asian Development Bank) is also expected," Wickremesinghe said.
Price increases for food commodities, of which Russia and Ukraine are large producers, and fertilisers, which rely on natural gas as a production input, have been the largest since 2008, the report noted.
With the economic crisis and the shortage of forex, an Indian credit line of USD 500 million for fuel imports provided a lifeline to the island nation.
The World Bank on Wednesday slashed India's Gross Domestic Product (GDP) growth rate from 8.7 percent to 8 percent for the fiscal year 2022-23 due to economic setbacks posed by the ongoing conflict between Ukraine and Russia.
The World Bank agreed to work with the state to explore areas where its support would have the maximum impact.
"Tighter global financial conditions and shallow domestic debt markets in many developing countries are crowding out private investment and dampening the recovery," said the World Bank chief.
The report also noted that the Covid-19 pandemic has raised global income inequality, partly reversing the decline that was achieved over the previous two decades.
The new WHO/World Bank reports also warned that financial hardship is likely to become more intense as poverty grows, incomes fall, and governments face tighter fiscal constraints.
"Flows to India (the world's largest recipient of remittances) are expected to reach USD 87 billion, a gain of 4.6 per cent with the severity of COVID-19 caseloads and deaths during the second quarter (well above the global average) playing a prominent role in drawing altruistic flows (including for the purchase of oxygen tanks) to the country," the World Bank report stated.
Inflation in Pakistan is taking a serious toll on the lives of the locals as the income of a household has fallen by at least 35 per cent while the cost of living under basic facilities of food and shelter has surged by 40 to 50 per cent.
Of the major economies, China is ahead with its economy expected to grow by 8.5 per cent during the current calendar year after the Bank revised it upwards from the 8.1 per cent projection in April.
Sri Lanka also has the highest rate of road fatalities in South Asia with around 3,000 deaths per year, the World Bank statement said.
The World Bank has lowered the growth projection for India for the financial year 2021-22 to 8.3 per cent. Its previous growth estimate for the fiscal was 10.1 per cent.
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