Sri Lanka expects to receive US$1.36 billion in funding from major multilateral institutions including the International Monetary Fund (IMF), the World Bank and the Asian Development Bank (ADB).
“For the first year, you will get two tranches of the IMF program, which will be around US$660-670 million. In the first year, the World Bank made provision for US$600 million under three categories: direct budget support, social safety net and financial system support. ADB will fund social security and social safety net.
There could be close to US$1.3 billion,” revealed Dr. Indrajith Coomaraswamy, former central bank governor and senior economist. Under the IMF program, the country will have access to a total of US$7 billion in funding from the three agencies over a four-year period.
Dr. Coomaraswamy noted that a fair share of US$ 600 million of World Bank funds will be received under concessional terms (IDA terms) with Sri Lanka being given in reverse to a low-income country. In addition, he hinted that the country could also see funding from the China-backed Asian Infrastructure Investment Bank.
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