ECONOMYNEXT – United States Agency for International Development (USAID) will provide an additional amount of 65 million US dollars (approximately 23 billion Sri Lankan rupees) in assistance for a period of five years, a statement issued by the US embassy said.
This funding has been given to Sri Lankan in addition to a previous funding of 60 dollars million (21 billion rupees) for humanitarian and fertilizer assistance, which was announced last week by USAID Administrator Samantha Power who was in the island on an official visit.
All USAID funding for Sri Lanka is provided as gifts or grants and is implemented by local and international organisations that adhere to strict monitoring standards, the statement said.
Sri Lanka is currently facing its worst ever currency crisis after rampant money printing and mismanagement.
According to the USAID statement, since 1956, the United States has provided 2 billion dollars (720 billion rupees) as development aid and assistance measures to Sri Lanka.
“The United States and the American people are proud of our enduring and robust partnership with the people and government of Sri Lanka. We remain fully committed to supporting locally led initiatives to advance a stable, prosperous, and peaceful Sri Lanka – critical to promote a free and open Indo-Pacific in which all nations are connected, prosperous, resilient, and secure,” US Ambassador Julie Chung was quoted as saying in the statement.
The aid aims to support Sri Lanka to advance market-driven growth, environmental sustainability and resilience, and good governance, the statement said. (Colombo/Sep21/2022)