On Monday, the Asian Development Bank (ADB) approved a US 350 million dollar loan for Sri Lanka.
The loan comes as part of a broader financial assistance package anchored by the International Monetary Fund's (IMF) Extended Fund Facility (EFF) for the island.
Sri Lanka's State Minister of Finance, Shehan Semasinghe, welcomed the ADB approval in a tweet "We welcome the ADB's approval of US$350 million special policy-based loan to provide budget support to Sri Lanka as a part of a broader financial assistance based on IMF's EFF for economic stabilization, recovery and sustained growth."
(1/2) We welcome the ADBs approval of $350 million special policy-based loan to provide budget support to Sri Lanka as a part of a broader financial assistance based on the IMFs EFF for economic stabilization, recovery and sustained growth.https://t.co/ZhX0QJdyAi
— Shehan Semasinghe (@ShehanSema) May 29, 2023
Early this week India extended its USD 1 billion loan for an additional year to help the island with economic recovery.
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