Sri Lanka gets ADB nod for concessional loans

Sri Lanka
By Editor_1

COLOMBO – Manila-based Asian Development Bank (ADB) said it had approved a request by Sri Lanka to get lower interest loans to help the country emerge from a “severe and unprecedented economic “crisis.

Sri Lanka defaulted on its foreign loans in 2022 after the worst currency crisis in the history of its soft-pegged central bank.

“ADB is committed to further enhancing its support for the people of Sri Lanka as the country responds to this deep crisis that has severely undermined their livelihoods and well-being,” said ADB Director General for South Asia Kenichi Yokoyama said in a statement.

“The availability of concessional assistance will help Sri Lanka to lay the foundation for economic recovery and sustained, inclusive growth.”

ADB and the World Bank are financing Sri Lanka under an International Monetary Fund (IMF) program, to stabilize and help in the recovery.

Sri Lanka graduated out of ADB’s cheapest Asian Development Fund (ADF) funds as per capita income grew and moved to its more market bases ordinary capital resources (OCR) window.

“Sri Lanka is now eligible for ADB support including concessional and market-based financing, technical assistance, policy advice, and knowledge solutions that together comprise a comprehensive suite of options to address the crisis,” the ADB said, adding, “Access to concessional financing will also ease debt servicing pressures through more favourable lending terms.”

Sri Lanka is now negotiating to re-structure its debt.

-economynext.com

 

Editor_1
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