SL gets ADB assistance to cushion economic pressures

The Asian Development Bank (ADB) has approved USD 200 million in financial assistance to strengthen Sri Lanka’s economic stability amid global economic pressures caused by the Middle East conflict.

The funding will be provided under a policy-based lending programme aimed at supporting trade, investment and industrial development in Sri Lanka.

Of the total assistance, USD 100 million has been allocated as additional financial support to help mitigate economic pressures arising from the Middle East crisis.

ADB President Masato Kanda said that no family should be pushed deeper into poverty due to a conflict taking place thousands of kilometres away.

He said the assistance aims to help Sri Lanka create jobs, attract investment and expand trade, enabling the country to withstand current challenges and build resilience against future shocks.

Under the programme, Sri Lanka is expected to implement several reforms, including modernising trade systems, improving the competitiveness of small and medium-sized enterprises (SMEs), attracting investments to economic zones and increasing exports.

Sri Lanka’s financing is part of a broader USD 450 million package being provided by the ADB to shield Sri Lanka and Cambodia from the economic impact of the Middle East conflict.

Cambodia will receive the remaining USD 250 million to support temporary fiscal measures and safeguard social spending.

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