ADB grants $350 million to cash-strapped Sri Lanka

Sri Lanka
By Editor_1
President of the Asian Development Bank Masatsugu Asakawa speaks at the Sydney Energy Forum in Sydney, Australia on Jul 12, 2022 -Brook Mitchell/ Reuters

MANILA – The Asian Development Bank (ADB) approved a $350 million loan on Monday (29) for bankrupt Sri Lanka, buttressing an International Monetary Fund (IMF) bailout as the country battles its worst economic crisis.

The loan will help stabilize the economy of the South Asian nation, the ADB said, after Sri Lanka ran out of foreign currency and defaulted on its $46 billion debt over a year ago.

The Manila-based lender was committed to supporting “Sri Lanka as it addresses its present challenges and strides toward economic stabilization, sustainable recovery and inclusive growth,” ADB President Masatsugu Asakawa said.

The latest cash injection comes just over two months after the IMF released $330 million as the first instalment of a $2.9 billion, four-year bailout linked to Colombo undertaking painful reforms.

“Transparency and open communication will be crucial in building agreement around the reforms,” the ADB said in a statement, referring to Colombo’s plans to privatize state enterprises.

Last week, the IMF asked Sri Lanka to speed up its debt restructuring and warned any delays could undermine efforts to overcome the country’s financial woes.

The crisis led to severe shortages of food, fuel and medicines last year and triggered months of protests that led to the toppling of former president Gotabaya Rajapaksa in July.

The new government has doubled taxes, scrapped energy subsidies and announced it is selling off state enterprises to raise revenue.

Foreign debt restructuring was held up as the country’s main bilateral creditor, China, was initially reluctant to take a haircut and instead offered more loans to pay off old debts.

Just over $14 billion of the total foreign credit is bilateral debt to foreign governments, 52% of which is owed to China.

Beijing initially proposed a two-year moratorium on the repayment of its debts, but without accepting a reduction in the amount, an insufficient concession for the IMF.

The terms of China’s debt restructuring have not been made public.

-Agence France-Presse

Editor_1
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