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$ 100 mn AIIB infrastructure funds rerouted for medicines

13 Sep 2022

  • Colombo Urban Regeneration and Landslide Reduction Projects to be revised
BY Buddhika Samaraweera   The Cabinet of Ministers has granted approval to use a sum of $ 100 million, which was initially allocated for two infrastructure-related projects in the country by the Asian Infrastructure Investment Bank (AIIB), to purchase essential medicines and other medical supplies. Speaking at the weekly Cabinet media briefing, Co-Cabinet Spokesman and Minister Dr. Ramesh Pathirana said that President Ranil Wickremesinghe, in his capacity as the Minister of Finance, Economic Stabilisation, and National Policies, has presented a proposal to use the two fund disbursements, of $ 70 million and $ 30 million provided by the AIIB, to purchase essential medicines and other medical supplies. The said funds were originally allocated for the Colombo Urban Regeneration Project and the Reduction of Landslide Vulnerability by the Mitigation Measures Project funded by the AIIB.  Accordingly, as Cabinet approval has been granted to Wickremesinghe’s proposal, the scope of these two projects will be revised, as they are to be used for the purchase of medicines and medical supplies instead. Given the prevailing shortage of foreign exchange reserves in the country, the value of the Sri Lankan rupee has fallen significantly compared to the US dollar. Due to this fact and difficulties in issuing letters of credit for the import of medicines and other medical supplies faced by the concerned parties, a shortage of certain medicines and medical supplies has emerged in the country, while the prices of the same have increased rapidly in the last few months. Meanwhile, the Ministry of Health recently stated that policy decisions should be made based on facts such as providing tax concessions, removing certain import-based limits, and dealing with donors in order to mitigate the impact on the people due to the rising prices of pharmaceutical drugs and medical equipment in the face of the prevailing economic crisis.

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