Thursday, 07 December 2023 08:23

Sri Lanka to receive about $600mn ADB funding post-IMF approval Featured

Sri Lanka will get about $600 million, on a staggered basis, from the Asian Development Bank (ADB) after the International Monetary Fund (IMF) releases the second tranche of a $2.9 billion bailout for the crisis-hit country, an official said on Tuesday.

Sri Lanka is inching out of its worst financial crisis in decades, triggered by record-low foreign exchange reserves last year that saw its economy contract 7.8% in 2022.

The island’s economy has been gradually stabilising after locking down a four-year programme with the IMF in March. Its first review is expected to be approved by the global lender next week, which will release a second tranche of about $334 million in funding.

Alongside the IMF programme the Asian Development Bank is likely to provide total budget support of $2 billion over the next four years, said ADB, Sri Lanka Resident Mission, Country Director Takafumi Kadono

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