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The Independent UK
The Independent UK
National
Bharatha Mallawarachi

Asian Development Bank approves a $200M loan to debt-stricken Sri Lanka

Sri Lanka International Monetary Fund the Asian Development Bank ADB
Copyright 2023 The Associated Press. All rights reserved.

The Asian Development Bank said Friday that it has approved $200-million concessional loan to debt-stricken Sri Lanka to help stabilize the country’s finance sector following an unprecedented economic crisis that engulfed the Indian Ocean island nation last year.

The bank's announcement comes as Sri Lanka is awaiting International Monetary Fund approval for the second installment of a $2.9-billion bailout package to rescue the country from bankruptcy.

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