Cabinet nod for $620 Mn ADB deal to drive 2026 reforms

17 March 2026 04:24 pm Views - {{hitsCtrl.values.hits}} 2 Bookmark

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Colombo, March 17 (Daily Mirror) - The Cabinet of Ministers has approved a proposal to secure US$620 million in policy-based financing from the Asian Development Bank for 2026, aimed at advancing Sri Lanka’s ongoing reform programme.

The proposal was submitted by President Anura Kumara Dissanayake in his capacity as Minister of Finance, Planning and Economic Development.

The funding is aligned with Sri Lanka’s reform agenda under the International Monetary Fund’s Extended Fund Facility (EFF) programme, with the ADB agreeing to support key structural and economic reforms.

According to the Government, the financing will be disbursed across five sub-programmes, including US$100 million for Trade, Investment and Industrial Development, and US$220 million to strengthen and expand financial access for micro, small and medium enterprises (MSMEs).

A further US$100 million each has been allocated for the Water Supply and Sanitation Reform Programme, a resilience-building and inclusive recovery support programme, and the Agricultural Value Chain Financing and Agribusiness Development Project.

Comments - 2

james Tuesday, 17 March 2026 10:18 PM

There should be a online public referendum before borrowing such large sums. Cabinet approval alone is ok for foreign borrowings under $100,000. Anything over that should require parliament approval up to $500,000. Anything over that should require a public vote.

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Money Talks Wednesday, 18 March 2026 02:32 AM

Article should elaborate exactly where the money is being spent and who it is given to. So much borrowing for "development" and we hardly see any. Anyway, all this has to be paid back by the heavily taxed citizens.

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