Tuesday April 25, 2023 1:22 pm
ECONOMYNEXT – Sri Lanka’s cabinet of ministers had authorized the Secretary to the Treasury to negotiate a 350 million US dollar loan from the Asian Development Bank, Transport Minister Bandula Gunawardana said.
The ADB loan is linked to a 3.0 billion US dollar International Monetary Fund program. According to the IMF program at least 650 million Us dollars is expected from the ADB in 2023 for budget support.
“It is not only the money from the IMF that comes from the program, there are also other funds,” Minister Gunawardana said.
The loan is to provide economic stability and governance, the statement said.
A 1.5 million dollar technical assistance grant will also be provided. ADB is also supporting Sri Lanka’s power sector reforms and banking sector stability.
Separately, the cabinet also approved taking the next steps to get a 150 million loan from the World Bank to bolster stability in the banking system. (Colombo/April25/2023)
- https://economynext.com/sri-lanka-in-talks-for-us350mnn-imf-deal-linked-adb-loan-118902/
Tuesday April 25, 2023 10:36 am
ECONOMYNEXT – Sri Lanka’s cabinet has given the nod to borrow 150 million US dollars from the World Bank to strengthen the financial sector and bolster a deposit insurance fund, Transport Minister Bandula Gunawardana said.
Sri Lanka has discussed with the World Bank a liquidity support fund and deposit insurance scheme.
The 150 million US dollars would be used to strengthen a deposit insurance scheme and institutional capacity of the financial safety net.
The cabinet had given the nod for next steps to borrow the 150 million US dollars from the World Bank. The agency is supporting a series of reforms under an International Monetary Fund plan to stabilize Sri Lanka, including the financial sector.
World Bank is expected to give around 1,750 million US dollars in policy based lending to Sri Lanka alongside the IMF program.
- https://economynext.com/sri-lanka-to-borrow-150mn-from-world-bank-for-financial-safety-net-118860/
ECONOMYNEXT – Sri Lanka’s cabinet of ministers had authorized the Secretary to the Treasury to negotiate a 350 million US dollar loan from the Asian Development Bank, Transport Minister Bandula Gunawardana said.
The ADB loan is linked to a 3.0 billion US dollar International Monetary Fund program. According to the IMF program at least 650 million Us dollars is expected from the ADB in 2023 for budget support.
“It is not only the money from the IMF that comes from the program, there are also other funds,” Minister Gunawardana said.
The loan is to provide economic stability and governance, the statement said.
A 1.5 million dollar technical assistance grant will also be provided. ADB is also supporting Sri Lanka’s power sector reforms and banking sector stability.
Separately, the cabinet also approved taking the next steps to get a 150 million loan from the World Bank to bolster stability in the banking system. (Colombo/April25/2023)
- https://economynext.com/sri-lanka-in-talks-for-us350mnn-imf-deal-linked-adb-loan-118902/
Sri Lanka to borrow $150mn from World Bank for financial safety net
Tuesday April 25, 2023 10:36 am
ECONOMYNEXT – Sri Lanka’s cabinet has given the nod to borrow 150 million US dollars from the World Bank to strengthen the financial sector and bolster a deposit insurance fund, Transport Minister Bandula Gunawardana said.
Sri Lanka has discussed with the World Bank a liquidity support fund and deposit insurance scheme.
The 150 million US dollars would be used to strengthen a deposit insurance scheme and institutional capacity of the financial safety net.
The cabinet had given the nod for next steps to borrow the 150 million US dollars from the World Bank. The agency is supporting a series of reforms under an International Monetary Fund plan to stabilize Sri Lanka, including the financial sector.
World Bank is expected to give around 1,750 million US dollars in policy based lending to Sri Lanka alongside the IMF program.
- https://economynext.com/sri-lanka-to-borrow-150mn-from-world-bank-for-financial-safety-net-118860/
