Govt signs for US $ 200 million from WB, part of series initiated under RW govt.

7 October 2024 03:45 pm Views - {{hitsCtrl.values.hits}} 12 Bookmark

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Colombo, October 07 (Daily Mirror)- The World Bank and the government signed the second Resilience, Stability, and Economic Turnaround (RESET) Development Policy Operation (DPO) for $200 million which is the second operation in a two-part series that began in 2022 during former President Ranil Wickremesinghe's tenure.

The first operation, totaling $500 million, was disbursed in June and December 2023.

The Second RESET DPO aims to support reforms that improve economic governance, enhance growth and competitiveness, and protect the poor and vulnerable, helping to build Sri Lanka’s resilience and fostering an equitable economy.

The operation focuses on improving economic governance to create a stable macroeconomic environment and restore investor confidence through key reforms. These include enacting a new Public Debt Management Act to better inform borrowing decisions, implementing tax administration reforms to boost revenues, and addressing financial sector risks by tightening single borrower limits and improving mechanisms for resolving non-performing loans. To improve living standards and boost private sector development, the operation includes amendments to the Telecommunications Act and a new Electricity Act to improve services in these markets, as well as measures to enhance export competitiveness by phasing out para-tariffs and lowering customs duties.

Comments - 12

Put your money where your mouth is Monday, 07 October 2024 04:42 PM

If what RW has done is so bad according to claims of NPP and their supporters, then why can't you refuse this money which he negotiated for Sri Lanka?

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Kumara Ilangasinghe Monday, 07 October 2024 05:10 PM

That was part of his job as the President and Finance Minister. Nothing magical about that.

41 15

BigTalkNoShame Monday, 07 October 2024 06:33 PM

I thought the NPP will renegotiate all loans? What happened to all the lokku talks? Now now dont say you will do all this once you have 2/3 in parliament.

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NPP will say NO to loans in the future Monday, 07 October 2024 07:55 PM

I think now the NPP guys are gradually coming to terms with the economic reality. It is so easy expound fairy tales on election platforms. But when it comes to economic management, you have to behave and work according to economic paradigms. Where are those guys who criticised Hon Ranil Wickremasinghe? Why can't the NPP say a big "NO" to these loans? As mentioned in his valedictory speech, Hon Ranil Wickremasinghe's the rightful place in the history will be decided in the future. I say in the near future. Hon Ranil Wickremasinghe will be the greatest president Sri Lanka had. A man who never worked for his political gain but for Sri Lanka and its people. Thank you, sir, for your yeoman service to the nation!!!

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Dee Monday, 07 October 2024 08:01 PM

This should be rejected! Outright!

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Rene Monday, 07 October 2024 09:15 PM

The difference is under RW 90% of this will be looted by 93 consultants and under AKD the effective use will be 500% of face value as decisions are so rational Also main allegation against Npp was no gas after elected Is it the reality now

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Citizens Monday, 07 October 2024 11:41 PM

Taking loan is not mistake, but how you utilize it is the key point. MR took so much loan and what happened half of them looted rest are put on useless projects which did not generate income to pay the loan back. So it is in your presidents hand how he utilize these loans to payback with what you earned from the loan

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Kevin Tuesday, 08 October 2024 12:22 AM

More debt. Lol

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Gunapala Tuesday, 08 October 2024 05:22 AM

Regardless of previous loans, now every citizen of the country and future generations will have to pay back loans taken by this NPP government.

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Don Tuesday, 08 October 2024 08:08 AM

Still these guys can’t understand the worth of NPP. To survive RW had to do something as the Finance Minister. This is one of the outcomes of those activities. Further we all know how Rajapaksha and RW spent money. NPP will spend this to the identified activities rather than buying food and keeping a part in their pockets. Wake up. Stop licking their backs after the defeat. Let NPP to do the job before criticising after a few weeks.

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Treehorse Tuesday, 08 October 2024 09:03 AM

What we sri lankans do not understand is continuity. If the policies and projects of the previous government were good, they should be continued. Any shortcoming needs to adjusted or rectified. Any corruption in those projects should be dealt with via our justice system. This will send a strong message to our investors: if they want to cut corners bypassing the recognized process, they will be at a loss. If they choose the correct path, they will enjoy continuity of the projects. In case of any obstructions, they could go for a legal recourse.

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DPerera Tuesday, 08 October 2024 09:15 AM

Why is government borrowing money from lending agencies? Bring back the stolen money to run the country immediately as promised during presidential election campaign.

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