This financing/debt relief will be provided by Export Import Bank of India,” India said. Once the Chinese assurance is confirmed, Sri Lanka will reach out to the IMF Board for approval for the EFF. This will enable Sri Lanka to reach out to multilateral lenders like the World Bank and the Asian Development Bank. The projects undertaken are always demand-driven and entirely based on the requirements of the Government and the people of Sri Lanka. The scheme is entirely on-budget and implemented through various line Ministries of Sri Lanka, thereby indicating the depth of our development cooperation with Sri Lanka.

Source: Sunday Times January 22, 2023 04:11 UTC