Despite a poor human rights record and even as Sri Lanka spurned advice from international monetary agencies and continued with its policy borrowing heavily to fund a dragging military offensive, Asian Development Bank announced USD 630 million to the island over the next three years.
ADB is to provide USD 630 million to
The package was announced by ADB Country Director Richard Vokes at the 18th Business for Peace Forum held at JAIC Hilton Colombo on Friday, November 20.
According to Daily News, Vokes told his audience that the ADB’s partnership approach with
According to ADB’s Strength Weaknesses Opportunities and Threat (SWOT) analysis of Sri Lanka, its proximity to India and major shipping routes were identified as strengths whilst, high fiscal deficit, large infrastructure deficit, high regional inequality in growth of gross domestic production, relatively weak structure of public finance management, inefficient traditional agricultural systems, and complicated government structure were identified as weaknesses.
Some of the threats to the country included the conflict, difficulties in developing consensus for political reforms due to the complex political economy and vested intentions, pressure from high and volatile commodity prices and inflation, according to ADB.