The Asian Development Bank (ADB) is finalizing proposed projects in Sri Lanka for next year and assured its support for the country’s development and its efforts to overcome economic and fiscal challenges.
ADB has been addressing immediate needs of the country, such as essential medical supplies, materials for water treatment, and working capital for small and medium-sized enterprises by reallocating surplus loan proceeds from ongoing loans.
Vice President of Asian Development Bank (ADB) Shixin Chen now in Sri Lanka stated this when he called on Prime Minister Dinesh Gunawardena yeaterday (Dec. 5) at the Prime Minister’s Office in Colombo
Mr. Shixin Chen said the ADB could provide technical assistance in addition to project support.
He noted that international monetary agencies are highly impressed with the strength of the Sri Lankan leadership and its commitment to achieve speedy economic revival through reforms in monetary sectors, the PM’s Office reported.
The Asian Development Bank (ADB) has provided US $ 750 million as concessional loans last year. Mr. Asakawa said that loans worth US $ 2 billion would be allocated for operational projects this year.
To date, the Asian Development Bank (ADB) has committed 479 public sector loans, grants, and technical assistance totaling $11 billion to Sri Lanka. Cumulative loan and grant disbursements to Sri Lanka amount to $8.64 billion.
These were financed by regular and concessional ordinary capital resources, the Asian Development Fund, and other special funds. ADB’s ongoing sovereign portfolio in Sri Lanka includes 46 loans and 2 grants worth $4.4 billion.
The Prime Minister briefed him about the steps taken by the government to revive the economy and to enact reforms in fiscal sectors as well as to restructure energy, electricity and petroleum sectors, the ADB statement said.
ADB Vice President stressed the need for controlling inflation and to protect vulnerable, under-privileged sections of the society.
The Prime Minister explained the programmes aimed at protecting the vulnerable groups of the society and rural agricultural development plans to increase production and increase export of surplus.
The Prime Minister thanked the ADB for emergency assistance loans and grants provided during Covid-19 pandemic as well as during the current economic difficulties.
He said the ADB supported projects provide crucial support to the government in extending assistance to vulnerable groups and restoring the livelihood of the poor and vulnerable, including farmers.
