Sri Lanka secures $1.34b WB loan

AFP, COLOMBO: Sri Lanka has secured $1.34 billion in loans from the World Bank to boost the cash-strapped island’s economy over the next three years, the finance ministry said Saturday.
The loans would be at concessionary rates and repayments spread out over 15 years, the ministry said in a statement.
“This is a great victory for us and it will help us in the fiscal consolidation programme that the new government has started,” Finance Minister Ravi Karunanayake said.
There was no immediate comment from the World Bank.
The new government, which came to power in January last year, also secured a $1.5 billion bailout from the Interna-tional Monetary Fund in June after facing a balance of payments crisis.

Sri Lanka secures $1.34b WB loan

AFP, COLOMBO: Sri Lanka has secured $1.34 billion in loans from the World Bank to boost the cash-strapped islands economy over the next three years, the finance ministry said Saturday. The loans would be at concessionary rates and repayments spread out over 15 years, the ministry said in a statement. This is a great victory for us and it will help us inthe fiscal consolidation programme that the new government has started, Finance Minister Ravi Karunanayake said. There was no immediate comment from the World Bank. The new government, which came to power in January last year, also secured a $1.5 billion bailout from the Interna-tional Monetary Fund in June after facing a balance of payments crisis.