World Economy

Sri Lanka Secures $1.3b WB Loan

Sri Lanka Secures $1.3b WB LoanSri Lanka Secures $1.3b WB Loan

Sri Lanka has secured $1.34 billion in loans from the World Bank to boost the cash-strapped island’s economy over the next three years, the finance ministry said, AFP reported. The loans would be at concessionary rates and repayments spread out over 15 years, the ministry said. “This is a great victory for us and it will help us in the fiscal consolidation program that the new government has started,” Finance Minister Ravi Karunanayake said. There was no immediate comment from the World Bank. The new government, which came to power in January last year, also secured a $1.5b bailout from the IMF?in June after facing a balance of payments crisis.

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