SL to borrow US $ 75mn from IDA to modernize financial sector

The government is to sign a US $ 75 million loan deal with the International Development Agency (IDA) of the World Bank to modernize the country’s financial sector.

The proposal made by Prime Minister Ranil Wickremesinghe in his capacity as the Minister of National Policies and Economic Affairs in this regard has received the approval of the cabinet of ministers.
However, the interest rate of the loan has been increased from the original 3.20 percent to 3.36 percent.