Cabinet nod to obtain special loan facility from ADB
September 26, 2023 01:01 pm
The Cabinet of Ministers has granted approval to enter into a loan agreement with the Asian Development Bank (ADB) to obtain USD 200 million, subject to an annual interest rate of 2% with a repaying period of 25 years inclusive of a grace period of 05 years.
Initial discussions with the ADB have been held by the Sri Lankan Government to obtain 02 loan facilities worth USD 200 million each based on policies to implement 02 sub-programmes under the economic stabilization and reformation programme.
Furthermore, it has been proposed to implement accelerated reformations to enhance the conflict management framework and the stabilization in the finance sector under the first sub-programme while it has been proposed to develop an all-inclusive resistant finance system under the second sub-programme.
Accordingly, Cabinet approval has been granted for the proposal submitted by President Ranil Wickremesinghe in his office as the Minister of Finance, Economic Stabilization and National Policies to enter into the relevant loan agreement with the ADB.
