World Bank To Extends US$ 1340 Million Soft Loan To Sri Lanka

World Bank To Extends US$ 1340 Million Soft Loan To Sri Lanka
Please follow and like us:
Facebook
RSS
Follow by Email
Google+
http://www.lankac.news/world-bank-to-extends-us-1340-million-soft-loan-to-sri-lanka/
LinkedIn
Twitter

The World Bank has decided to extend a soft loan of US$ 1340 million to Sri Lanka at a low interest rate.

“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.

He further stated that the World Bank had informed the Sri Lankan Government that an International Bank of Reconstruction and Development (IBRD) loan of US$ 900 million and another US$ 440 million under International Development Assistance (IDA) will be granted to Sri Lanka for 3 years.

The loans would be at concessionary rates and repayments spread out over 15 years. The new government, which came to power in January last year, also secured a USD 1.5 billion bailout from the International Monetary Fund in June after facing a balance of payments crisis.

 

Please follow and like us:
Facebook
RSS
Follow by Email
Google+
http://www.lankac.news/world-bank-to-extends-us-1340-million-soft-loan-to-sri-lanka/
LinkedIn
Twitter

Leave a Reply