The Asian Development Bank (ADB) has today approved a special policy-based loan of $350 million to Sri Lanka.
It is to provide budget support to Sri Lanka for economic stability.
This is part of a comprehensive financial assistance package with the Extended Fund Facility approved by the International Monetary Fund for the country.
It aims to stabilize the economy and lay the foundations for economic recovery and sustainable growth.
Sri Lanka is facing an unprecedented economic crisis. High inflation has reduced purchasing power. Past development gains have been reversed and livelihoods have also been adversely affected by this situation.
ADB President Masatsugu Asakawa said, “ADB is concerned about the deep crisis in the country and its impact on the people of Sri Lanka, especially the poor and vulnerable people and women.” ‘ADB is committed to standing with Sri Lanka on current challenges and steps forward for economic stabilization, sustainable recovery and inclusive growth.”
