Sunday, 16 May 2021 22:28

Bilateral and multilateral grants to Sri Lanka decline last year Featured

Foreign grants received from bilateral and multilateral sources declined to Rs. 5.3 billion in 2020 from Rs. 7.9 billion in 2019, Central Bank announced

Foreign grants from bilateral sources declined to Rs. 2.8 billion in 2020 from Rs. 5.1 billion in 2019, while foreign grants from multilateral sources declined to Rs. 2.5 billion in 2020 from Rs. 2.8 billion in 2019.

Development partners, which provided grants during 2020, included the Government of Japan, the Asian Development Bank (ADB), and the Department of Agriculture of the United States

The Government has made arrangements to mobilise foreign financing of US$ 742.8 million by entering into 11 agreements with foreign development partners and lending agencies from January 01 to August 31, 2020, to support the public investment program.

This consists of US$ 500.0 million of Foreign Currency Term Financing Facility extended by the China Development Bank for budget support purposes and US$ 128.6 million extended by the World Bank to be utilised for COVID-19 Emergency Response and Health Systems Preparedness project.

Further foreign grants have been extended by Japan (US$ 7.6 million), Germany (US$ 12.5 million), the Asian Development Bank (US$ 3.0 million) and the United Nations High Commissioner for Refugees (US$ 0.02 million).

The performance of mobilising foreign financing during the period was adversely affected by COVID-19 pandemic.

Total foreign financing disbursements made during the period from January 01, to August, 31, 2020 amounted to US$ 1,352.2 million, of which, US$ 1,320.9 million was disbursed as Loans

 

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