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Lanka and ADB sign USD 200 mln loan agreement to help stabilise finance

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K. M. Mahinda Siriwardana, Secretary, Ministry of Finance, Economic Stabilization and National Policies, and Takafumi Kadono, Country Director, ADB Sri Lanka Residence Mission sign the agreement.

Two policy-based loans (PBLs) have been arranged following discussions between the Asian Development Bank (ADB) and the Sri Lankan government, the Ministry of Finance said.

Accordingly, the PBLs are slated to be used for the implementation of the Financial Sector Stability and Reform Programme, in a bid to create a stable financial system that provides access to finance for businesses in various sectors of the economy.

The program adopts a programmatic modality with two subprograms of USD 200 million each, and will support the implementation of multi-year policy reforms, including immediate reforms to enhance the crisis management regulatory framework and stabilise the financial sector under Subprogram 01 and reforms to build a resilient and inclusive financial system under Subprogram 02.

The Ministry of Finance, Economic Stabilization and National Policies (MOF) have been deemed the executing agency of the above programs and will therefore implement the policy actions in collaboration with the Central Bank of Sri Lanka (CBSL) and other relevant institutions.

Since the relevant agencies have successfully achieved all pre-policy actions related to Subprogram 01, the entire USD 200 million loan proceeds relevant to the subprogramme will soon be disbursed to the Treasury, the Ministry stated, adding that the loan will be provided from ADB’s concessionary Ordinary Capital Resources with a 25-year term, including a 5-year grace period, and an interest rate of 2.0% per year.

Accordingly, the PBL agreement for Subprogram 01 was signed between the Government of Sri Lanka and the ADB at the Ministry of Finance, with K. M. Mahinda Siriwardana, Secretary, Ministry of Finance, Economic Stabilisation and National Policies, having placed the signature on behalf of the former, while Takafumi Kadono, Country Director, ADB Sri Lanka Residence Mission, placed the signature on behalf of latter.



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“Operation ‘Yukthiya’ will persist despite pressure” – Minister of Public Security

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Minister of Public Security, Mr. Tiran Alles, attending a news conference held at the Presidential Media Centre today (21) under the theme ‘Collective Path to a Stable Country’.emphasized his unwavering commitment to continue operations aimed at suppressing drugs, tackling the underworld and preventing violence against women and children, regardless of any pressure encountered.

Furthermore, Minister Alles disclosed that operation ‘Yukthiya’, which commenced on December 17, has resulted in the seizure of narcotics valued at Rs. 7.8 billion and assets including vehicles and buildings confiscated by law enforcement amount to Rs. 725 million. . A total of 58,562 raids have been conducted, leading to the arrest of 58,234 individuals involved in illicit activities.

 

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SLNS Samudura leaves for Maldives to take part in Exercise Dosti – XVI

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Sri Lanka Naval Ship (SLNS) Samudura left for the Maldives from the port of Colombo on Tuesday (20)  to take part in Exercise Dosti – XVI. The trilateral exercise ‘Dosti’ is scheduled to be held in Male from 22nd to 25th February.

The trilateral exercise ‘Dosti’ aims to enhance cooperation, strengthen friendship, improve mutual operational capability, and develop interoperability among the Coast Guard personnel of India, Maldives and Sri Lanka.

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“Sri Lankan unity paves the way for rapid national development” – President

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Sri Lanka’s Chief Scout, President Ranil Wickremesinghe, in his address at the 10th National Scout Jamboree held at the Koneswara Hindu Vidyalaya Stadium in Trincomalee this morning (21), underscored the potential of Sri Lankans to steer the nation towards rapid development and fortify its security for future generations through unified efforts.

The President highlighted that participation in the National Scout Jamboree transcends divisions of caste and religion. He articulated that unity among Sri Lankans, spanning from the North to the South and from Colombo to Trincomalee, is pivotal in accomplishing shared objectives.

President Wickremesinghe pledged his support for the expansion of the Scout Association, noting its role in nurturing responsible citizens essential for the country. Furthermore, he announced the plans to facilitate collaboration between the Scout Association and the Ministry of Technology, underscoring the importance of leveraging interactions across sectors for national development.

(PMD)

 

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