Cabinet approval to obtain $400 million policy-based loan from ADB

September 10, 2024 04:13 pm

The Cabinet of Ministers has granted approval for the procurement of a policy-based loan of US$ 400 million from the Asian Development Bank (ADB) through two sub-programmes for the implementation of Sri Lanka’s financial sector stability and reform programme.

The first sub-programme has received US$ 200 million of the total loan amount by December 2023.

For the second sub-programme, 12 pre-policy activities must be completed to secure the remaining US$ 200 million while most of these activities are either completed or nearing completion.

Accordingly, the Cabinet has granted approval to the proposal put forward by President Ranil Wickremesinghe, in his capacity as Minister of Finance, Economic Stabilization, and National Policy, to obtain the US$ 200 million loan from ADB under the second sub-programme of Sri Lanka’s Financial Sector Stability and Reform Programme.

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