Cabinet approves to redirect AIIB’s $ 100 m to procure medicine

Wednesday, 14 September 2022 00:30 - - {{hitsCtrl.values.hits}}

The Cabinet Ministers at its meeting on Monday approved the reallocation of a $ 100 million loan extended by the Asian Infrastructure Investment Bank, to procure essential medicines and supplies immediately.

Of the total funds of the AIIB, $ 70 million was allotted for the Colombo Urban Regeneration Project, whilst the $ 30 million was assigned to the Reduction of Landslide Vulnerability by Mitigation Measures Project.

“The funds were redirected due to the acute shortage of foreign currency to import the essential drugs and medical supplies,” a statement comprising weekly Cabinet Decisions issued by the Government Information Department noted.

The proposal to this effect submitted by President Ranil Wickremesinghe in his capacity as the Finance, Economic Stabilisation and National Policies Minister was approved by the Cabinet Ministers on Monday.

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