ADB offers $2b for Sri Lanka's recovery

AFP, COLOMBO: The Asian Development Bank yesterday announced over $2.0 billion in loans and equity to Sri Lanka, which is in negotiations with the International Monetary Fund for a bailout.
ADB president Takehiko Nakao said the money would be used to finance expressways, railways, power generation and education.
It covers 2016 through 2018 and compares with $1.5 billion allocated in the preceeding three years.
"The ADB is re-orienting its operations to meet the evolving needs of Sri Lanka as it moves to become an upper-middle-income country in the next few years," he said after talks with President Maithripala Sirisena and other leaders.
Nakao praised the government which came to power last year promising an end to corruption under the former regime of Mahinda Rajapakse. But he urged better tax collection and prudent spending.
"Both tax revenue enhancement and effective management of public expenditure are urgent tasks for the government," he said.

ADB offers $2b for Sri Lankas recovery

AFP, COLOMBO: The Asian Development Bank yesterday announced over $2.0 billion in loans and equity to Sri Lanka, which is in negotiations with the International Monetary Fund for a bailout. ADB president Takehiko Nakao said the money would be used to finance expressways, railways, power generation and education. It covers 2016 through 2018 and compares with $1.5 billion allocated in the preceeding three years. The ADB is re-orienting its operations to meet the evolving needs of Sri Lanka as it moves to become an upper-middle-income country in the next few years, he said after talks with President Maithripala Sirisena and other leaders. Nakao praised the government which came to power last year promising an end to corruption under the former regime of Mahinda Rajapakse. But he urged better tax collection and prudent spending. Both tax revenue enhancement and effective management of public expenditure are urgent tasks for the government, he said.