According to reports, Cabinet approval has been received for obtaining policy-based specific credit facilities from the Asian Development Bank for the Economic Stabilization and Reform Programme.
Meanwhile, it is reported that the government has held preliminary discussions with the Asian Development Bank to obtain two policy-based credit facilities of US$ 200 million each to implement two sub-programmes under the Economic Stabilization and Reform Programme.
Under the first sub-programme, it has been proposed to implement rapid reforms to improve the crisis management framework and stabilization of the financial sector, and it has been proposed to build a resilient and inclusive financial system under the second sub-programme.
President Ranil Wickremesinghe, as the Minister of Financial Economy Stabilization and National Policy, proposed to enter into a new agreement with the Asian Development Bank to obtain US$ 200 million for the first sub-programme at an interest rate of 2% per annum, including a grace period of 05 years with a repayment period of 25 years. The cabinet has approved the proposal.
