Sri Lanka cleared to get more money from ADB

COLOMBO (News 1st) - Lending for Sri Lanka from the Asian Development Bank (ADB) is set to see a significant increase up to USD 600 to USD 800 million this year. Its Director General for South Asia, Hun Kim, said the average annual ADB lending for Sri Lanka over the last three years had been USD 300 million. Speaking at the 51st ADB Board of Governors’ Annual Meeting 2018 at the ADB headquarters in Mandaluyong City in Manila yesterday (May 3), Hun Kim said Sri Lanka is one of the countries benefiting from the capital increase of the ADB. Hun Kim noted that political instability, especially after the recent Local Government Election results, contributed to economic setbacks in the country. He noted Sri Lanka is supposed to do a lot better and it is a country with capacity, but cautioned that the next couple of years may be difficult for Sri Lanka. Hun Kim believes that if politics is stable, all countries in South Asia can perform.