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.
President Anura Kumara Disanayake stated that the life of His Eminence Malcolm Cardinal Ranjith serves as an exemplary model in an era when the moral and spiritual values of society are in decline.
The President made these remarks yesterday (July 07), delivering a speech at the felicitation ceremony organized by the Archdiocese of Colombo to mark the 50th Ordination Anniversary of His Eminence Malcolm Cardinal Ranjith’s sacred priesthood. The event was held at the Archbishop’s House in Colombo.
The President stated that His Eminence is deeply engaged in a tireless mission to uphold social harmony and spiritual upliftment. He is a statesman who has rendered a significant service to the country, a theological scholar capable of articulating the teachings of the Bible with clarity, a powerful orator with the ability to awaken society and above all, a true humanitarian whose influence extends beyond these roles.
The President further affirmed that every possible step will be taken to ensure justice for the victims of the Easter Sunday attacks, without allowing the passage of time to obscure the truth. He emphasized that this is a challenge the government must confront, even within its own institutions and no matter how difficult it may be, justice must be served.
Addressing the gathering, His Eminence Malcolm Cardinal Ranjith reflected on his 50 years of priestly service and commended President Anura Kumara Disanayake for his success in ending a 75-year era of autocratic rule. He also expressed appreciation for the President’s efforts to dismantle a political culture rooted in spreading division among ethnic communities and emphasized the need for a new approach as the country moves towards becoming a prosperous nation.
On this occasion, to mark the 50th Ordination Anniversary of His Eminence Malcolm Cardinal Ranjith’s priesthood, a commemorative stamp and first-day cover were officially presented to the President.
His Eminence Malcolm Cardinal Ranjith was born in 1947 in the Polgahawela area of Kurunegala. He was ordained as a priest on June 29, 1975, at St. Peter’s Basilica in the Vatican, by Pope Paul VI. Thereafter, he served in various roles including Assistant Parish Priest, Acting Parish Priest, Lecturer in theology and professor at the seminary. He is proficient in multiple languages including Sinhala, Tamil, English, German, French, Spanish and Indonesian.
In 1991, under the leadership of then-Archbishop His Eminence Nicholas Marcus Fernando, he was appointed as Auxiliary Bishop of the Archdiocese of Colombo, with his episcopal ordination taking place at the Basilica of Our Lady of Lanka in Tewatte.
Subsequently, on June 16, 2009, Malcolm Ranjith was appointed as the Archbishop of the Archdiocese of Colombo. A year later, on November 20, 2010, he was elevated to the rank of Cardinal at the Basilica of Saint Lawrence in Italy. With this appointment, His Eminence Malcolm Cardinal Ranjith became the second Sri Lankan to receive the blessing of holding the title of Cardinal. He has held numerous positions both nationally and internationally, including serving as chair of several international assemblies.
His Eminence has been the recipient of numerous international accolades, including the Thomas Aquinas Medal for Religious Studies awarded by the Thomas Aquinas College in the United States and the 7th Giuseppe Sciacca International Award for Cultural Achievement, conferred in 2008 by the President of the Italian Republic. A respected writer as well, he has contributed a multitude of articles to journals and newspapers.
Ven. Anunayaka of the Malwathu Chapter, Most Venerable Niyangoda Vijithasiri Thero and Ven. Dr. Omalpe Sobhitha Nayaka Thero extended their wishes during the occasion.
The event was also graced by the Maha Sangha of the three Nikayas, religious leaders from all faiths, President of the Catholic Bishops’ Conference of Sri Lanka, Bishop Harold Anthony Perera, the Charge de Affairs of the Apostolic Nunciature Msgr. Roberto Lucchini, Auxiliary Bishops of Colombo Most Rev. Maxwell Silva and Most Rev. Anthony Jayakody, other Catholic clergy, Prime Minister Dr. Harini Amarasuriya, Opposition Leader Sajith Premadasa, several Ministers and Members of Parliament, Commanders of the Tri-Forces, the Acting Inspector General of Police, Ambassadors and many other distinguished invitees.
Mohamed Sheriff Abdul Wazeeth was sworn in as a Sri Lanka Muslim Congress (SLMC) National List MP before Speaker – Dr. Jagath Wickramaratne today (July 08).
He took over the Parliamentary seat that became vacant following the resignation of M.S. Naleem.
It has been reported that opposition ranks are planning to table a No-Confidence Motion against the Speaker – Dr. Jagath Wickramaratne.
According to political sources, many opposition parties have already agreed to support the move, with a final decision expected to be reached today (July 08).
The NCM is said to be based on several allegations of the Speaker obtaining additional benefits, misusing powers of his office and acting in a biased manner, favouring the ruling party.
Meanwhile, during a Samagi Jana Balawegaya (SJB) group meeting yesterday, criticisms have been raised on certain facilities and privileges the Speaker is said to have obtained.
In recent weeks, several opposition MPs, including Dayasiri Jayasekara, have publicly criticised the Speaker’s conduct in Parliament.