Cabinet approves securing increased USAID grant for disaster resilience and economic prosperity program

Wednesday, 3 July 2024 00:00 - - {{hitsCtrl.values.hits}}

The Cabinet of Ministers approved a significant revision to the cooperative agreement with the US, increasing the grant amount to $ 52.835 million under the ‘Program for a Sri Lanka with Democracy, Prosperity and the Capability to Face Disasters’.The initial agreement, signed on 31 August 2022, allocated $ 9.069 million to support Sri Lanka in strengthening democratic governance, promoting economic prosperity, and enhancing disaster resilience. This amount was subsequently increased twice during the year, reaching $ 28.299 million.

The latest revision, proposed by the United States Agency for International Development (USAID), further escalates the grant to $ 52.835 million.

The proposal for this revision presented by President Ranil Wickremesinghe in his capacity as the Finance, Economic Stabilisation and National Policies Minister was approved by the Cabinet of Ministers.