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Aid package from WB and ADB after IMF approves 2nd tranche
View(s):By Damith Wickremasekera
The World Bank and ADB funds would be used for projects that have been held back during the financial crisis, he said.
Accordingly, US$ 200 million from the ADB and US$ 100 million from the WB would be made available.
The moves come as Central Bank Governor Nandalal Weeraisinghe on Friday that Sri Lanka would receive approval for the second tranche of the US$ 2.9 billion Extended Fund Facility.
The senior Treasury official said that Sri Lanka was expecting the IMF’s next tranche by the second week of December, and the figure was likely to be around US$ 330 million.
He said that with the approval of the second tranche, the IMF would spell out the conditions Sri Lanka had been able to implement and the conditions yet to be fulfilled. The establishment of a debt restructuring office and the Ceylon Electricity Board restructuring programme are among the conditions to be fulfilled.
He said with the IMF’s assistance, the country’s foreign reserves were expected to exceed US$ 4 billion, thereby raising opportunities for other financial assistance for projects and bringing about an improvement in the financial situation.
The IMF Executive Board is due to meet on December 6 for a review of Sri Lanka’s EFF.
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