Asian Development Bank approves a $200 million loan to debt-stricken Sri Lanka orissapost.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from orissapost.com Daily Mail and Mail on Sunday newspapers.
The Asian Development Bank said Friday that it has approved $200-million concessional loan to debt-stricken Sri Lanka to help stabilize the country’s finance sector following an unprecedented economic crisis that engulfed the Indian Ocean island nation last year. The bank's announcement comes as Sri Lanka is awaiting International Monetary Fund approval for the second installment of a $2.9-billion bailout package to rescue the country from bankruptcy. The ADB said its Financial Sector Stability and Reforms Program for Sri Lanka includes two subprograms of $200 million each that would help strengthen the stability and governance of the country’s banking sector, and deepen sustainable and inclusive finance, particularly for women-led micro, small, and medium-sized enterprises.