World Bank to loan USD 1,340 million to Sri Lanka
The World Bank has decided to entrust Sri Lanka a loan worth USD 1,340 million as aid to enhance financial and technological stability, for a period of three years, in effect from July 1, this year, the Finance Ministry said in a statement.
Previously, in the years 2014 till 2017, Sri Lanka received USD 660 million from this loan facility enabled by the transit cooperation facility of the International Development Association (IDA).
In addition to the loan, Sri Lanka will receive USD 300 million per year from the World Bank, International Bank for Reconstruction and Development (IBRD) and IDA for three consecutive years to aid development projects financially and to provide technological assistance to enhance analytical and instruction services in Sri Lanka.
These facts were revealed at a meeting held by Finance and Mass Media Minster Mangala Samaraweera last Tuesday with the World Bank Director to Sri Lanka and Maldives at the Finance Ministry in Colombo.
The World Bank Director further discussed ongoing and proposed development projects agreed to be funded by the World Bank, with the Finance Minister.
Furthermore the World Bank will also extend financial and technological aid to the project proposed to enhance the efficiency of government services and the Public Private Partnership (PPP) project, which will be operated under the Finance Ministry.
The society security network project funded by the World Bank is also underway.
The World Bank Director to Sri Lanka and Maldives commended Sri Lanka’s economic progress saying that despite of the economical challenges faced in the year 2016 and in first half of the year 2017, Sri Lanka’s economy is in a favourable status.
(Source: Daily News – By Shenali Godakumbura)
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This money want last long.
Perhaps the Jahapalakayo now can begin to move garbage hills everywhere in Colombo that breeds Dengue mosquitoes in millions and kill people!
When asked what they did for the country for the past 2 years, Ranil said they paid all the debt and thats why they could not do anything else.. If that is the case why borough more. I don’t get it. How long these guys play on the ignorant of the people.
Yeah, definitely, this money will not last long.
The Minsisters, Deputy Ministers and State Ministers and Public Servants and loss-making State Corporation bosses, all need new vehicles while the 2 year old vehicles that they drive now will disappear from the books. Also, Sri Lankan Airlines bosses are not paid enough; they only get a couple of millions per month. What a shame.
Three hearty cheers, Yahapalana Government; you guys are excellent at ruining the country.
Wish we had the previous family leadership in place; at least, we could have watched night races free of charge and got a free ride to Gampaha in a White Van.
1,340 Million USD is a big chunk of money. What are the strings attached?
Mr Amarakoon these are the strings attached. All your top quality fish, tea and other food stuff exported to west.
Untested dangerous medicine is send to be tested on our people. Get people to do dangerous mundane work where Europeans don’t like to do. Get poor people to middle east to work as domestic servants, and road sweepers to do appalling work, build low quality factories where people have to work to the skin to make lots of profits to them. create conflict among minorities so that they can sell weapons to both sides and so on.