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World News April 26, 2023

Sri Lanka’s cabinet approves negotiations with ADB for financial assistance

On Tuesday, Sri Lanka’s cabinet of ministers gave the green light to the Finance Ministry to commence negotiations with the Asian Development Bank (ADB) for a $350 million loan and a $1.5 million grant. The funds are to be used for policy implementation under the $3 billion program with the International Monetary Fund (IMF). According to cabinet spokesperson Bandula Gunawardena, President Ranil Wickremesinghe, who is also the finance minister, submitted the proposal which was approved by the cabinet in their meeting on Monday. The ADB and World Bank have both pledged to assist Sri Lanka in its implementation of the economic recovery program developed with the IMF.

Sources: CGTN

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