Asian Development Bank approves US$350 million loan for Sri Lanka

by gajan
Jun 2, 2023

On Monday, the Asian Development Bank (ADB) approved a US 350 million dollar loan for Sri Lanka. 

The loan comes as part of a broader financial assistance package anchored by the International Monetary Fund's (IMF) Extended Fund Facility (EFF) for the island. 

Sri Lanka's State Minister of Finance, Shehan Semasinghe, welcomed the ADB approval in a tweet "We welcome the ADB's approval of US$350 million special policy-based loan to provide budget support to Sri Lanka as a part of a broader financial assistance based on IMF's EFF for economic stabilization, recovery and sustained growth."

 

(1/2) We welcome the ADBs approval of $350 million special policy-based loan to provide budget support to Sri Lanka as a part of a broader financial assistance based on the IMFs EFF for economic stabilization, recovery and sustained growth.https://t.co/ZhX0QJdyAi

— Shehan Semasinghe (@ShehanSema) May 29, 2023

 

Early this week India extended its USD 1 billion loan for an additional year to help the island with economic recovery.

Read more here

Add new comment

About text formats

Plain text

  • No HTML tags allowed.
  • Lines and paragraphs break automatically.
  • Web page addresses and email addresses turn into links automatically.
  • Global and entity tokens are replaced with their values. Browse available tokens.

Restricted HTML

  • You can align images (data-align="center"), but also videos, blockquotes, and so on.
  • You can caption images (data-caption="Text"), but also videos, blockquotes, and so on.
  • Global and entity tokens are replaced with their values. Browse available tokens.
  • You can embed media items (using the <drupal-media> tag).

We need your support

Sri Lanka is one of the most dangerous places in the world to be a journalist. Tamil journalists are particularly at threat, with at least 41 media workers known to have been killed by the Sri Lankan state or its paramilitaries during and after the armed conflict.

Despite the risks, our team on the ground remain committed to providing detailed and accurate reporting of developments in the Tamil homeland, across the island and around the world, as well as providing expert analysis and insight from the Tamil point of view

We need your support in keeping our journalism going. Support our work today.

link button