Home » Sri Lanka Forecasts Economic Boost with $250 Billion via Concessional Loan Facility for SMEs

Sri Lanka Forecasts Economic Boost with $250 Billion via Concessional Loan Facility for SMEs

written by CN Source

M. J. Gunasiri, Director General of the Government Revenue Unit, disclosed plans to bolster Sri Lanka’s economy by injecting 250 billion rupees in the upcoming year. This substantial financial lift is facilitated through a 50 billion rupee concessional loan jointly provided by the Asian Development Bank (ADB) and the government. The aim is to aid Small and Medium-scale Entrepreneurs (SMEs) grappling with significant crises.

Gunasiri highlighted Sri Lanka’s challenging economic landscape, citing five consecutive years of negative growth due to pervasive social, economic, and political challenges. He expressed optimism that the 2024 budget proposals will play a pivotal role in steering the country towards positive economic growth.

Within this year’s budget, allocations of 30 billion rupees from the ADB and 20 billion rupees from the government have been earmarked specifically to extend concessional loans for the development of SMEs.

Moreover, with the imminent arrival of the second tranche of the International Monetary Fund (IMF) loan, the Sri Lankan government anticipates further opportunities to access bilateral and multilateral financial aid from the international financial market.

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written by CN Source

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