Business Times

ADB-Japanese support for fiscal reforms

A US$ 50 million loan from the Asian Development Bank (ADB) and a technical assistance grant of US$ 2. million from the Japan Special Fund, have been pledged to reform Sri Lanka’s public finance management, said the ADB in a press release. In addition, the government of Sri Lanka will also contribute another US$ 10 million for the project.

The funds will be used to introduce new tax and treasury management systems that will help the government increase spending in lagging and conflict-affected regions. The ADB loan has a 25-year term with a 5-year grace period and interest will be set according to its London interbank offer rate-based lending facility.

"The cornerstone of the loan will be to finance a project for the introduction of revenue administration management information and integrated treasury management information systems, which together will strengthen compliance, tax collection, and improve efficiencies and decision-making on the allocation and use of resources," said Senior Economist (Financial Sector) of the ADB's South Asia Department, K. Shin.

The technical assistance from the Japanese-government-funded Japan Special Fund, will be used to set up two IT management systems. The project will also help develop skills of public finance managers using the new systems, said the ADB.

Top to the page  |  E-mail  |  views[1]
SocialTwist Tell-a-Friend
 
Other Business Times Articles
Officials caught flat-footed over budget
Crude oil prices climb to above $80
Motor trade urges tax removal on new vehicles
Chillies to go on
Sri Lanka bends towards China for more funds
Doctors, judges the most respected professions-Business Times poll
Coca-Cola says it’s excited by Sri Lanka’s potential
Comment - IMF and budget suspense
Feature - Coke vs Health? It’s all about having a balanced diet
Feature - Should we continue the SBA?
Sri Lanka struggles to meet power demands: Report
MillenniumIT deal with Egyptian Exchange
Government enterprises dragging down country take-off
Sri Lanka heading towards China and India-type of emerging economy: PBJ
Credit to private sector growing - CB
ODEL opens 12th store in Maharagama
Mphasis to begin recruiting from May for Colombo centre
Dialog Telekom changes name to Dialog Axiata
Diamond Jubilee Celebrations of the Central Bank
Web-based hotel management solution from JKCS
Hilmy Cader at the Sunday Times Biz Club
35 participants earn Jaffna banking qualification, 53 more enroll
Israel attracted to investments in Sri Lanka
YouTube stay tuned!
Setting new standards for dry zone dairy industry development
'1Goal' SMS garners local names for intl petition
South Asian CIO Summit held in SL
ILO says 21 million jobs saved in G20 countries
MAS Intimates Thurulie bags Globe Award for Sustainability Innovation
Coca-Cola concludes collective bargaining agreement with CMU
Seminar on US visa procedures
IFS introduces new supply chain software
SLASSCOM sets up mobile and telecommunications centre
Joint Symposium on occupational safety and health
SEC DG says more market growth than tight regulation needed
Veteran entrepreneur urges new MPs to be role models for youngsters
SL deficit increased ‘dramatically’ in 2009
The Golden Key saga
e-Samurdhi to service 100,000 via Nenasalas
ABC Extra Stout wins Bronze at 2010 World Beer competition
My emotions made me do it!
Sri Lankan rubber prices hit all time high
Govts base flight ban decisions on fact not theory-IATA
ADB-Japanese support for fiscal reforms
National Agribusiness Awards 2010
SLT Group says 1Q 2010 profits rise on Mobitel performance
ComBank says its ATM network sets new record
Seminar on tax and the people
EWIS celebrates 24 years
Virtusa unveils cloud-based BPM service for SmartPaaS
National Agribusiness Awards 2010
Lankan banks step up activities in N and E
Finlays to capitalise on post-war economy
Failed Policies: Our abysmal human capacity building
SriLankan Catering wins 24 medals at Culinary Art
Paris holiday and sports car offers in Nokia competition
Kuwait introduces minimum wage for private sector workers
SL Imagine Cup finals on April 29
Access to Indian Universities thro’ Indian fair today

 
Reproduction of articles permitted when used without any alterations to contents and a link to the source page.
© Copyright 2010 | Wijeya Newspapers Ltd.Colombo. Sri Lanka. All Rights Reserved.| Site best viewed in IE ver 6.0 @ 1024 x 768 resolution