ADB grants $350m loan for Sri Lanka | The Daily Star
Skip to main content
T
Tuesday, October 3, 2023
The Daily Star
E-paper Today's News বাংলা
  • Home
  • News
    • Bangladesh
      • Investigative Stories
    • Investigative Stories
    • Asia
    • World
  • Opinion
  • Health
  • Sports
  • Business
  • Entertainment
  • Culture
  • Life & Living
  • Youth
  • Tech & Startup
  • Multimedia
  • Feature
    • Lifestyle
    • Rising Star
    • Showbiz
    • My Dhaka
    • Satireday
    • Campus
    • Toggle
    • Star Literature
    • In Focus
    • Star Youth
    • Shift
    • Daily Star Books
    • Roundtables
    • Star Holiday
    • weekend read
  • More
    • Environment
    • NRB
    • Supplements
    • Law & Our Rights
  • E-paper
  • বাংলা
Search Epaper T
  • Today's News
  • Home
  • News
    • Bangladesh
    • Investigative Stories
    • Asia
    • World
  • Opinion
  • Health
  • Sports
  • Business
  • Entertainment
  • Culture
  • Life & Living
  • Youth
  • Tech & Startup
  • Multimedia
  • Feature
    • Lifestyle
    • Rising Star
    • Showbiz
    • My Dhaka
    • Satireday
    • Campus
    • Toggle
    • Star Literature
    • In Focus
    • Star Youth
    • Shift
    • Daily Star Books
    • Roundtables
    • Star Holiday
    • weekend read
  • More
    • Environment
    • NRB
    • Supplements
    • Law & Our Rights

  • About Us
  • Contact Us
  • Apps
  • Comment Policy
  • RSS
  • Sitemap
  • Advertisement
  • Newsletter
  • Privacy Policy
  • Conference Hall
  • Archives
Economy
AFP, Manila
Tue May 30, 2023 12:00 AM
Last update on: Tue May 30, 2023 02:01 AM

Most Viewed

  • US Visa Policy: Some officials in admin, police ill at ease

  • Couple, son found dead in Savar flat

  • Latin America turning into major export market

  • First delivery of nuclear fuel takes Bangladesh closer to its goal

Economy

ADB grants $350m loan for Sri Lanka

AFP, Manila
Tue May 30, 2023 12:00 AM Last update on: Tue May 30, 2023 02:01 AM
Asian Development Bank mobilises $261m for expressway

The Asian Development Bank approved a $350 million loan on Monday for bankrupt Sri Lanka, buttressing an IMF bailout as the country battles its worst economic crisis.

The loan will help stabilise the economy of the South Asian nation, the ADB said, after Sri Lanka ran out of foreign currency and defaulted on its $46 billion debt over a year ago.

For all latest news, follow The Daily Star's Google News channel.

The Manila-based lender was committed to supporting  "Sri Lanka as it addresses its present challenges and strides toward economic stabilisation, sustainable recovery and inclusive growth," ADB President Masatsugu Asakawa said.

The latest cash injection comes just over two months after the International Monetary Fund released $330 million as the first instalment of a $2.9 billion, four-year bailout linked to Colombo undertaking painful reforms.

"Transparency and open communication will be crucial in building agreement around the reforms," the ADB said in a statement, referring to Colombo's plans to privatise state enterprises.

Last week, the IMF asked Sri Lanka to speed up its debt restructuring and warned any delays could undermine efforts to overcome the country's financial woes.

The crisis led to severe shortages of food, fuel and medicines last year and triggered months of protests that led to the toppling of former president Gotabaya Rajapaksa in July.

The new government has doubled taxes, scrapped energy subsidies and announced it is selling off state enterprises to raise revenue.

Foreign debt restructuring was held up as the country's main bilateral creditor, China, was initially reluctant to take a haircut and instead offered more loans to pay off old debts.

Just over $14 billion of the total foreign credit is bilateral debt to foreign governments, 52 percent of which is owed to China.

Beijing initially proposed a two-year moratorium on the repayment of its debts, but without accepting a reduction in the amount, an insufficient concession for the IMF.

The terms of China's debt restructuring have not been made public.

Apple Google
Click to comment

Comments

Comments Policy
|বাংলাদেশ

আগামী সাধারণ নির্বাচন অবাধ-সুষ্ঠুভাবে অনুষ্ঠিত হবে: প্রধানমন্ত্রী

‘কোনোভাবেই অগণতান্ত্রিক শক্তি ক্ষমতা দখল করতে পারবে না।’

১ ঘণ্টা আগে
|রাজনীতি

সরকার খালেদা জিয়াকে বিদেশে চিকিৎসার সুযোগ না দিয়ে হত্যা করতে চায়: ফখরুল

৩ ঘণ্টা আগে
Please Click on allow
The Daily Star
Journalism without fear or favour
  • About Us
  • Contact Us
  • Apps
  • Comment Policy
  • RSS
  • Sitemap
  • Advertisement
  • Newsletter
  • Privacy Policy
  • Conference Hall
  • Archives
© 2023 thedailystar.net | Powered by: RSI LAB
Copyright: Any unauthorized use or reproduction of The Daily Star content for commercial purposes is strictly prohibited and constitutes copyright infringement liable to legal action.
X