Sri Lanka to get US$75mn from IDA for financial sector modernisation

ECONOMYNEXT – The Sri Lankan government is to sign a deal with the International development Agency of the World Bank for a loan of US$75 million to modernise its financial sector.

The Cabinet of Ministers this week approved the decision to get the loan, equivalent to 55.4 million SDR (special drawing rights), Gayantha Karunathilleka, cabinet spokesman and Minister of Land and Parliamentary Reforms, said.

The interest rate on the loan had increased to 3.36% from 3.20%, when the original talks had been held, he said. 
(COLOMBO, July 05, 2017)

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