Cabinet approves work on new $ 350 m loan from ADB

The Cabinet of Ministers on Monday at its meeting approved plans to obtain new financial and technical support from the Asian Development Bank (ADB) to aid the on-going recovery from the economic crisis.

The Government said parallel to the comprehensive funding facility approved by the International Monetary Fund (IMF), the Asian Development Bank has agreed to provide a special loan facility of $ 350 million based on policies and another loan grant of $ 1.5 million as technical assistance in order to strengthen the stability and administration.

Accordingly, the Cabinet of Ministers approved the proposal furnished by President Ranil Wickremesinghe as the Minister of Finance, Economic Stabilisation and National Policies to entrust the responsibility to the Ministry Secretary for processing the further activities on obtaining the relevant loan.