ADB Grants $350 Million Loan to Assist Sri Lanka's Economic Stabilization Efforts

The Asian Development Bank (ADB) on Monday said it has approved a $350 million special policy-based loan to provide budget support to Sri Lanka for the stabilisation of its crisis-hit economy.

The bank said that the program is part of a broader package of financial assistance anchored by the International Monetary Fund’s Extended Fund Facility for the country, which aims to stabilise the economy and lay the foundation for economic recovery and sustained growth, reports Xinhua news agency.

The ADB said Sri Lanka is facing a severe and unprecedented economic crisis, and high inflation has eroded purchasing power, livelihoods have been affected, and past development gains have been reversed.

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