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News > Sri Lanka

ADB Approves 350 Million USD Loan for Sri Lanka’s Economy

  • The Asian Development Bank (ADB) logo. May. 29, 2023.

    The Asian Development Bank (ADB) logo. May. 29, 2023. | Photo: Twitter/@LankaOnline

Published 29 May 2023
Opinion

"...the country has suffered the reversal of earlier development achievements..."

On Monday, the Asian Development Bank (ADB) granted approval for a sum of 350 million U.S. dollars of a loan with special policy conditions. The ADB has said in a press release that the primary objective of the loan is to provide budgetary assistance to Sri Lanka, aimed at promoting the stabilization of the country's economy.

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The ADB affirmed that the program is an integral component of a comprehensive financial support initiative, underscored by the International Monetary Fund's Extended Fund Facility designated for the nation. The overarching objective of the program is to establish economic stability, while simultaneously laying the groundwork for sustained growth and overall recovery.

According to the ADB, Sri Lanka is currently experiencing a significant and unparalleled economic crisis. The country is suffering from elevated inflation rates, which have substantially diminished its purchasing power. Furthermore, numerous livelihoods have been affected, and the country has suffered the reversal of earlier development achievements.

"The ADB is concerned about the deep crisis in the country and its impact on the people of Sri Lanka, especially the poor and the vulnerable, particularly women," said ADB President Masatsugu Asakawa.

According to Asakawa, the ADB is dedicated to providing ongoing support to Sri Lanka in its efforts to overcome contemporary difficulties and pursue objectives of economic stabilization, sustainable recovery, and inclusive growth.

Moreover, the ADB has said that Sri Lanka has undertaken decisive measures to counteract the origins of both domestic and international imbalances, and to achieve a feasible path towards debt sustainability.

The ADB contends that it is crucial to guarantee substantial social security during the implementation of measures, whilst stressing the key nature of implementing reforms in governance and anti-corruption measures.

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