Sri Lanka secures approval for 200 million USD loan to advance financial sector reforms

COLOMBO, Sept. 10 (Xinhua) — Sri Lanka’s Cabinet of Ministers has approved a proposal to secure a 200 million U.S. dollar loan from the Asian Development Bank as part of a financial sector stabilization and reform program, according to a press statement from the Information Department on Tuesday.
The statement noted that in September 2023, the Cabinet had agreed to obtain a total loan of 400 million U.S. dollars to support two sub-programs under the financial sector stabilization and reform initiative. The first tranche of 200 million dollars was disbursed in December 2023.
Having met the necessary criteria to qualify for the second tranche, the Cabinet approved the proposal made by President Ranil Wickremesinghe to obtain the remaining 200 million dollars for the second subprogram of the financial sector stability and reform program in Sri Lanka, the Information Department added. ■