September 11, Colombo (LNW): The Cabinet of Ministers has approved obtaining loan facilities from the Asian Development Bank (ADB) to support Sri Lanka’s financial sector stability and reform programme, Cabinet Spokesman and Mass Media Minister Dr. Bandula Gunawardhana announced.
Speaking at the weekly Cabinet media conference, Minister Gunawardhana stated that the approval was granted at the Cabinet meeting held on September 25, 2023, to secure a loan of US$ 400 million on a policy basis under two sub-programmes aimed at stabilizing and reforming the financial sector in Sri Lanka. Of this amount, US$ 200 million has been allocated for the first sub-programme, effective December 2023.
To obtain the remaining US$ 200 million under the second sub-programme, 12 pre-policy activities need to be completed. Minister Gunawardhana noted that most of these activities have already been completed or are in the final stages of completion.
