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Foreign aid for corona fund: Govt. awaits fulfilment of pledges

07 May 2020

Sri Lanka is eagerly awaiting the fulfilment of international pledges as coronavirus stimulus packages, Co-Cabinet Spokesman Minister Dr. Bandula Gunawardena said yesterday (6). Accordingly, the Government had already held discussions with the World Bank, Asian Development Bank (ADB), and China. “Only the WB funding had so far been finalised, but the amounts had not yet been dispersed,” he told The Morning. Furthermore, Dr. Gunawardena said discussions were currently being held between Sri Lanka and ADB to seek assistance for the impacts of Covid-19. Last week, the WB approved the amount of $ 128.6 million for Sri Lanka via their Covid-19 Emergency Response and Health Systems Preparedness Project to help the country prevent, detect, and respond to the Covid-19 pandemic and strengthen its public health preparedness. The new fast track package will benefit the entire Sri Lankan population and prioritise stopping or slowing the spread of the virus, reducing case numbers, and preventing outbreaks in communities. As per the WB, the project includes a $ 35 million loan from the International Bank for Reconstruction and Development (IBRD) through the WB Group’s Covid-19 Fast-Track Facility and $ 93.6 million in credit from the International Development Association (IDA), the WB’s concessional credit window for developing countries. Meanwhile, the Sri Lankan Government has signed a $ 500 million deal with China Development Bank to help the country better mitigate the financial impact of Covid-19, as it continues to struggle with fiscal debt. By Maheesha Mudugamuwa


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