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ADB approves $350 mn loan for economic stabilization

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The Asian Development Bank (ADB) today approved a $350 million special policy-based loan to provide budget support to Sri Lanka for economic stabilization.

The program is part of a broader package of financial assistance anchored by the International Monetary Fund’s Extended Fund Facility for the country, which aims to stabilize the economy and lay the foundation for economic recovery and sustained growth.
Sri Lanka is facing a severe and unprecedented economic crisis. High inflation has eroded purchasing power, livelihoods have been affected, and past development gains have been reversed.

“ADB is concerned about the deep crisis in the country and its impact on the people of Sri Lanka, especially the poor and the vulnerable, particularly women,” said ADB President Masatsugu Asakawa. “ADB is committed to standing with Sri Lanka as it addresses its present challenges and strides toward economic stabilization, sustainable recovery, and inclusive growth.”

Sri Lanka has embarked on bold reforms to address the causes of both internal and external imbalances and return to a sustainable debt trajectory. The country faces a long road to recovery and must remain steadfast in the implementation of necessary reforms, which include enhancing tax revenue collection, strengthening public financial management, improving performance of state-owned enterprises, ensuring autonomy and independence of the central bank, safeguarding financial sector stability, and bolstering governance frameworks. As these measures are implemented, it is essential to ensure that adequate social protection is provided. Implementing governance reforms and anticorruption measures will be critical.

Transparency and open communication will be crucial in building agreement around the reforms. ADB will proactively engage with the government, other stakeholders, and development partners to help address structural impediments and plan future support.

ADB has supported Sri Lanka’s response throughout the crisis. In 2022, in close coordination with development partners, ADB provided emergency assistance to support basic services and sustain livelihoods. ADB repurposed $334 million of existing loans as emergency response to support the import of essential items such as fertilizer, medicines, chemicals for water treatment, working capital for small and medium-sized enterprises, and cash transfers to the most poor and vulnerable. Trade finance lines through ADB Trade and Supply Chain Finance Program supported the import of essential items during the crisis.

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 68 members—49 from the region.

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Former Eastern Provincial Council member arrested

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Ampara District Organizer of the Tamil Makkal Viduthalai Pulikal party and former member of the Eastern Provincial Council K. Pushpakumar alias Iniya Bharathi has been arrested.

He was arrested over the abduction and disappearance of the former Vice Chancellor of the Eastern University Prof. Subramaniyam Ravindranath.

Sivanathurai Chandrakanthan, alias Pillayan, the leader of the Tamil Makkal Viduthalai Pulikal (TMVP) and former State Minister, was arrested by the Colombo Criminal Investigation Department at his office in Batticaloa on April 8, over this incident.

He was later detained for 3 months under the Prevention of Terrorism Act.

Iniya Bharathi, also known as Kumaraswamy Pushpakumar, was arrested based on information revealed during the interrogation of Pillayan.

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e-Revenue Licence system down due to technical glitch, ICTA says

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The Information and Communication Technology Agency of Sri Lanka (ICTA) said the electronic Revenue Licence system (eRL 2.0) is currently unavailable due to a critical technical infrastructure issue.

According to the ICTA, the disruption began on July 3, 2025, and has made vehicle revenue licence issuing services inaccessible.

The unavailability is expected to continue until July 9, 2025.

The ICTA expressed regret for the inconvenience caused to the public and assured that technical teams are working urgently to resolve the issue.

The agency also said that further updates will be shared as work progresses, with an official notice to be issued once services are restored.

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Three injured in Kosgama shooting, including 12-year-old girl

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Three people, including a 12-year-old girl, were injured in a shooting incident at Suduwella, Kosgama, early this morning (6), police said.

They said the victims were travelling in a three-wheeler when two individuals on a motorcycle opened fire using a pistol-type weapon.

The injured include a 30-year-old woman and her 12-year-old daughter, both residents of Avissawella, as well as a 44-year-old man.

All three have been admitted to Avissawella Hospital for treatment.

Police said the motive for the attack and the identities of the suspects have not yet been established.

Kosgama Police are conducting further investigations into the incident.

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