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ADB provides SL access to concessional financing

Published

11 months ago

June 8, 2023

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The Asian Development Bank (ADB) on Wednesday said it has approved Sri Lanka’s eligibility to access concessional financing.

The availability of concessional assistance, offered at low interest rates, broadens Sri Lanka’s options to bridge its urgent development financing needs to restore economic stability and deliver essential services, particularly to the poor and vulnerable, the Philippines‎-based regional development bank said in a press release.

Eligibility for concessional resources among the ADB’s developing member countries is based on gross national income per capita and creditworthiness.

ADB explained that its decision was considered based on a request from the Sri Lanka government in view of the severe and unprecedented economic crisis that has reversed hard-won development gains.

“ADB is committed to further enhancing its support for the people of Sri Lanka as the country responds to this deep crisis that has severely undermined their livelihoods and well-being,” said ADB Director General for South Asia, Kenichi Yokoyama. “The availability of concessional assistance will help Sri Lanka to lay the foundation for economic recovery and sustained, inclusive growth.”

Thus, Sri Lanka is now eligible for ADB support including concessional and market-based financing, technical assistance, policy advice, and knowledge solutions that together comprise a comprehensive suite of options to address the crisis.

The ADB notes that access to concessional financing will also ease debt servicing pressures through more favourable lending terms.

News

Complaint filed alleging assets being misused for President’s political activities

Published

4 hours ago

April 26, 2024

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Today (26) the Socialist Youth Union (SYU) filed a complaint with the Commission to Investigate Allegations of Bribery or Corruption (CIABOC) calling for a probe into the alleged misuse of assets owned by the National Youth Services Council (NYSC) for the political activities of current President Ranil Wickremesinghe.
The SYU submitted a formal complaint to the CIABOC today (26) afternoon.

The complaint is filed against Minister of Youth Affairs and Sports – Harin Fernando, Ministry Secretary – Dr. Kanapathipillai Mahesan, and Chairman of the NYSC – Pasindu Gunaratne.

Speaking before the media, Eranga Gunasekara, the national organizer of the SYU said, NYSC vehicles bearing the numbers NA 9099, NB 1389, NB 3384, NB 3383 had been misused for the UNP rally held in Kuliyapitiya on March 10.

He has also said a dance troupe of the NYSC, used for the rally, is yet to be paid.

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Tiran makes revelation on Maithripala’s statement

Published

4 hours ago

April 26, 2024

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During the inquiry over former President Maithripala Sirisena’s recent statement that he was aware of the real culprits behind the Easter Sunday bomb attacks, he has not mentioned the names of anyone in Sri Lanka, Public Security Minister Tiran Alles said.

The lawmaker made this remark while speaking during today’s parliamentary session.

News

High Posts committee approves 4 appointments

Published

4 hours ago

April 26, 2024

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Committee on High Posts approves appointments of a new ambassador, a secretary to a ministry, and 02 chairpersons of institutions

The Committee on High Posts which met recently in Parliament has given its approval for the appointments of a new ambassador, a ministry secretary and two institution chairpersons.

Accordingly, the Committee on High Posts has approved the appointment of Mr. S.A Rodrigo as the new Sri Lankan Ambassador to the Italian Republic.

In addition to that, the appointment of Mr. A.C.M. Nafeel as the new secretary of the Ministry of Water Supply and Estate Infrastructure Development was also approved by the Committee on High Posts.

Furthermore, the Committee on High Posts approved the appointments of Mr. W.A.D.S Gunasinghe as the new chairman of the Regional Development Bank and Mr. N.K.S. Jayasekara as the new chairman of the Sri Lanka Atomic Energy Regulatory Council.

Ministers Dr. Ramesh Pathirana and Vidura Wickramanayake, Member of Parliament Rishad Bathiudeen participated in the Committee on High Posts which met under the chairmanship of Speaker Mahinda Yapa Abeywardena.