Sri Lanka has been granted a billion-dollar loan to boost its agriculture, tourism and energy sectors, the World Bank said on Wednesday, as the country emerges from an unprecedented economic crisis.
Sri Lanka’s economy collapsed in 2022 when it ran out of foreign exchange to finance even the most essential imports such as food, fuel, and medicines.
The loan aims to strengthen local industries and attract private capital for growth, the World Bank said in a statement after its President Ajay Banga met with Sri Lankan President Anura Kumara Dissanayake in Colombo.
“With progress underway to stabilise the economy and restart growth, core elements for job creation are in place,” Banga said in the statement.
The loan will be spread over three years, it added.
The economic crisis led to months of street protests that forced then-president Gotabaya Rajapaksa to step down. His successor, Ranil Wickremesinghe, negotiated a $2.9 billion bailout package from the International Monetary Fund.
The four-year bailout loan from the IMF helped shore up the country’s revenues and cleared the way for the government to reschedule foreign debt after a sovereign default on $46 billion of external borrowings in April 2022.
“Now is the time to accelerate reforms and create the conditions for private enterprise to thrive – particularly in sectors that can create jobs at scale,” Banga said.
The World Bank warned last month that Sri Lanka’s population was living in poverty despite the economy making a “remarkable recovery” from its worst financial crisis.
The South Asian nation’s growth surpassed the Bank’s forecast of 4.4 percent, recording 5.0 percent in 2024 – the first economic expansion since the 2022 crisis.
The IMF warned earlier this month that Sri Lanka’s recovery could be undermined if punishing US tariffs were reinstated.
The United States is Sri Lanka’s largest single market, accounting for almost a quarter of its $12 billion in merchandise exports. The trade balance is heavily in favour of the small South Asian nation.
Washington imposed a 44 percent “reciprocal tariff” on the island nation before putting it on hold for 90 days.
Sri Lanka has not retaliated but has instead appealed for negotiations with Washington.
Subhashini Indika Kumari Liyanage has been appointed as the new Commissioner General of Examinations, effective immediately.
She succeeds H.J.M.C.A. Jayasundara, whose term ended on May 06, 2025.
Liyanage, a Special Grade Officer of the Sri Lanka Education Administrative Service, previously served as an Examinations Commissioner in the Department of Examinations.
Her appointment was approved by the Cabinet of Ministers.
Speaker Dr. Jagath Wickramaratne announced to Parliament today (May 08) the members nominated by the Committee of Selection to serve on 06 Sectoral Oversight Committees.
Accordingly, the members appointed to the 06 Sectoral Oversight Committees are as follows. Sectoral Oversight Committee on Economic Development and International Relations
Lakshman Nipuna Arachchi
Mrs.Sagarika Athauda, Attorney at Law
Mrs.Nilanthi Kottahachchi, Attorney at Law
Kanthasamy Prabu
Wijesiri Basnayake
Thilina Samarakoon
Ms. Lakmali Hemachandra, Attorney at Law
Sectoral Oversight Committee on Infrastructure and Strategic Development
Manjula Suraweera Arachchi
K. Ilankumaran
Ravindra Bandara
Danushka Ranganath
Asitha Niroshana Egoda Vithana
Shantha Pathma Kumara Subasingha
Mrs. Geetha Herath, Attorney at Law
Sectoral Oversight Committee on Education, Manpower and Human Capital
Aboobucker Athambawa
Ms. Krishnan Kalaichelvi
Mrs. Nilusha Lakmali Gamage
Sugath Wasantha de Silva
Sujeewa Dissanayake
Sanjeewa Ranasingha
Sunil Rajapaksha
Sectoral Oversight Committee on Health, Media and Women’s Empowerment
Muneer Mulaffer
Dr. Nihal Abeysinghe
Mrs. Samanmali Gunasingha
Prof. Sena Nanayakkara
Dr. S. Sri Bavanandarajah
Jagath Manuwarna
Ruwan Mapalagama
Sectoral Oversight Committee on Environment, Agriculture and Resource Sustainability
Roshan Akmeemana
Upul Kithsiri
Mrs.M.A.C.S. Chathuri Gangani
Susantha Kumara Nawarathna
Sudath Balagalla
Kitnan Selvaraj
Bhagya Sri Herath, Attorney at Law
Sectoral Oversight Committee on Science, Technology and Digital Transformation
Chathuranga Abeysinghe
Arkam Ilyas
Lasith Bhashana Gamage
Thanura Dissanayake
Mrs. Hasara Liyanage, Attorney at Law
Dr. Janaka Senarathna
Chandima Hettiaratchi
The Speaker also announced that the Committee of Selection had also nominated Members of Parliament Wasantha Samarasinghe, Sundaralingam Pradeep, Aboobucker Athambawa to serve on the Committee on Parliamentary Business.
In addition, the Speaker further announced to Parliament that the Committee of Selection had also nominated Members of Parliament Aboobucker Athambawa, Arkam Ilyas, Mayilvaganam Jegatheeswaran to serve on the Committee on Public Enterprises (COPE) and Member of Parliament Sunil Rathnasiri to serve on the Committee on Public Accounts. (COPA).
