Sri Lanka welcomes US$ 350mn ADB loan to stabilise economy

The loan agreement was signed by Finance Ministry Secretary Mahinda Siriwardana and Utsav Kumar, Deputy Country Director, ADB Resident Mission on Monday

State Minister of Finance Shehan Semasinghe welcomed Asian Development Bank’s approval of US$ 350 million loan to Sri Lanka for the stabilisation of the economy. 

The Asian Development Bank (ADB) Monday approved US$350 million special policy-based loan to provide budget support to Sri Lanka for economic stabilisation as part of a broader package of financial assistance anchored by the International Monetary Fund’s Extended Fund Facility for the country. 

“We welcome the ADB’s approval of US$350 million special policy-based loan to provide budget support to Sri Lanka as a part of a broader financial assistance based on IMF’s EFF for economic stabilisation, recovery and sustained growth,” Minister Semasinghe said in a tweet. 

The State Minister of Finance assured that Sri Lanka will remain committed on reforms to address both internal and external imbalances required to return to a sustainable debt trajectory. 

“We greatly value the emergency assistance provided by the ADB to support basic services and sustain livelihoods during the crisis,” he said.