SL to borrow US $ 100mn to boost business competitiveness

Sri Lanka is to borrow US $ 100 million from the International Development Agency under special drawing rights to improve the country’s business competitiveness, transparency and fiscal sustainability. The proposal to this effect made by Prime Minister Ranil Wickremesinghe in his capacity as the National Policies and Economic Affairs Minister had been approved by the Cabinet. The credit line will be utilized to develop the Sri Lankan economy by implementing reforms under three aspects—removal of obstacles to competitiveness of the private sector and transparency, improvement in public sector management and improvement in fiscal sustainability.