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ADB approves $200 million policy-based loan to Sri Lanka

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The Asian Development Bank (ADB) today approved a $200 million policy-based loan to further help the Government of Sri Lanka strengthen its financial sector. 

This second subprogram of ADB’s Financial Sector Stability and Reforms Program builds on the stabilization and crisis management measures put in place under the first subprogram approved in 2023.
“Sri Lanka has made good progress in stabilizing macroeconomic conditions and improving the fiscal situation. ADB is helping the country establish long-term growth by introducing and institutionalizing structural reforms in its financial sector,” said ADB Country Director for Sri Lanka Takafumi Kadono. “This subprogram reinforces ADB’s support in strengthening the governance of the banking sector and expanding financial inclusion in Sri Lanka to achieve sustainable recovery from economic crisis, resilience, and poverty alleviation.”

Policy reforms under subprogram 2 will improve the Central Bank of Sri Lanka’s (CBSL) regulatory supervision of banks to ensure financial stability. This includes an improved early warning system that will identify weakening processes of banks and introduce corrective actions. The CBSL will implement a new stress testing model to monitor solvency issues and liquidity stresses.

Subprogram 2 will continue to strengthen the banking sector’s asset quality. The CBSL will provide guidance on credit concentration risk limits and give incentives to banks to accept guarantees and limit collateral requirements to micro, small, and medium-sized enterprises (MSMEs). In addition, the Ministry of Finance, Economic Development, Policy Formulation, Planning and Tourism (MOF) will provide MSMEs, especially women-led businesses, incentive packages such as special loans to expand their business.

Financial inclusion of women and vulnerable groups will be further expanded through the digitization of personal information to enhance electronic transactions. The MOF will formulate a policy framework for women-led MSMEs to improve their access to finance, with the CBSL helping financial institutions identify eligible women entrepreneurs.

ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 69 members—49 from the region.

(adb.org)

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Rain and winds forecast today

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Several spells of showers will occur in the Western and Sabaragamuwa provinces and in the Kandy, Nuwara-Eliya, Galle and Matara districts today (July 11), the Department of Meteorology said.

A few showers may occur in the North-western province as well.

Showers or thundershowers may occur at a few places in the Uva province and in the Ampara and Batticaloa districts during the afternoon or night.

Fairly strong winds of about 30-40 kmph can be expected at times over the Western slopes of the central hills and in North-western, North-central and Southern provinces.

The general public has also been requested to take adequate precautions to minimize damages caused by temporary localized strong winds and lightning during thundershowers.

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2024 O/L Exam results released

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The results of the 2024 G.C.E. Ordinary Level Examination have been released online, the Department of Examination announced.

Accordingly, the Examinations Department announced that the examination results can be obtained from the websites: www.doenets.lk or www.results.exams.gov.lk.

The examination department requests applicants to contact the following hotlines if they seek to make any inquiries regarding these results: 1911 or 011 2 785 922, 0112 786 616, 011 2 784 208 or 011 2 784 537.

The statement further said that applications for the scrutiny of the O/L results will be called from July 14 to July 28.

A total of 474,147 applicants sat for the G.C.E. Ordinary Level Examination this year, of which 398,182 were school applicants and 75,965 private candidates.

The O/L examination was conducted at 3,663 examination centers from March 17 to 26.

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President meets Gates Foundation delegation

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President Anura Kumara Dissanayake today (July 10) met with Dr. Chris Elias, President of Global Development at the Gates Foundation, for high-level discussions focused on key areas critical to Sri Lanka’s development. 

The meeting, held at the Presidential Secretariat, explored collaborative efforts in agricultural modernisation, nutrition, digital public infrastructure and rural technological integration.

Central to the discussions was the Inclusive Digital Agriculture Transformation (IDAT) initiative, which leverages data and technology to enable better decision-making and service delivery for smallholder farmers. The initiative represents a shared commitment to modernising agriculture, improving rural livelihoods and enhancing climate resilience.

President Dissanayake welcomed the partnership, expressing optimism about the country’s path forward. “We welcome the continued support of the Gates Foundation as we work together to build a healthier, more equitable and digitally empowered Sri Lanka. This collaboration is a testament to our shared commitment to sustainable development and improving the lives of all our citizens,” he said.

He further noted that the Government seeks the Foundation’s support for its broader programme aimed at integrating rural communities with modern global technology. 

Despite the economic challenges facing the nation, the President expressed gratitude for the Foundation’s engagement and emphasised that the visit would help identify and implement national development priorities.

Representatives of the Gates Foundation reiterated their commitment to supporting Sri Lanka’s digital economy strategy. They highlighted that particular focus would be given to the digital transformation of the agriculture sector, with the aim of enhancing productivity and revitalising the economy. The Foundation also assured its full support for the wider socio-economic development agenda, including initiatives in the livestock and dairy industries.

President Dissanayake underscored the importance of connecting rural communities, many of whom remain unaware of global technological advancements, with the tools and knowledge needed for empowerment. He stressed the value of the Foundation’s global experience and technical expertise in addressing development challenges common to many countries.

“One of our Government’s foremost objectives is to extend advanced technology to all levels of society, not only to uplift the national economy but also to improve efficiency across all sectors,” the President noted.

Dr. Elias acknowledged Sri Lanka’s ongoing transformation and welcomed the opportunity for deeper engagement. “We value the opportunity to engage with the Government and local institutions as they pursue strengthened systems to support inclusive growth. Our continued discussions in areas such as agriculture, health and digital infrastructure reflect a shared interest in advancing impactful solutions. I would like to thank the President and the Government of Sri Lanka for their continued commitment to improving the lives of all those living in Sri Lanka,” he stated.

The Gates Foundation delegation included Dr. Chris Elias, President, Global Development Gates Foundation, Jamal Khan, Regional Representative for Policy & Government Relations, South and Southeast Asia; Archna Vyas, Director of Policy Advocacy and Communications, Thushan Wijesinghe, Director Enterprise Data Solutions and Chandita Samaranayake, Chairman Connect To Care. 

The Sri Lankan delegation included Deputy Minister of Digital Economy Mr. Eranga Weeraratne, Dr. Nandika Sanath Kumanayake, Secretary to the President; Dr. Hans Wijayasuriya, Chief Advisor to the President on Digital Economy; and Mr. Roshan Gamage, Senior Additional Secretary to the President.

(President’s Media Division)

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