ADB to release USD 21.7 Mn to Sri Lanka to purchase medicines
April 22, 2022 07:43 pm
The Asian Development Bank (ADB) has agreed to immediately release a sum of USD 21.7 million to Sri Lanka to purchase medicines, says Finance Minister Ali Sabry.
The lawmaker stated this addressing a virtual media briefing held this evening (April 22), delivering an update on his deliberations with multilateral and bilateral partners on the sidelines of the International Monetary Fund’s summer meetings.
Minister Sabry stated that so far the response from the World Bank, the Asian Development Bank, and India have been favourable, with the Asian Development Bank having already agreed to immediately release USD 21.7 million for medicine purchases.
However, the outcome of the IMF talks on a Rapid Financing instrument would depend on how fast Sri Lanka can achieve some semblance of debt sustainability, he added.
To do this, the Sri Lankan team has to convince the IMF of how serious it is about reforms, and set the ball rolling in its creditor talks.
