UN to provide US $300M to SL for development programmes
By: Staff Writer
Colombo (LNW): Amidst Sri Lanka’s worst economic crisis since independence, the UN revised its joint Humanitarian Needs and Priorities (HNP) Plan, while extending more aid for development programmes.
The United Nations was expecting to provide more than 300 million dollars through the new co-operation framework for the development Programmes of next 5 years.
The new cooperation frame work includes the adoption of the Anti-Corruption Act and the establishment of the Parliamentary Budget Office, United Nations Resident Coordinator in Sri Lanka Marc-André Franche said.
He gave this assurance during a meeting with Speaker Mahinda Yapa Abeywardana recently, the Communication Department of Parliament said.
The envoy congratulated Sri Lanka on the adoption of the Anti-Corruption Act and the establishment of the Parliamentary Budget Office.
The Speaker expressed his gratitude for the continuous support of the United Nations Development Programme as a development partner of the Parliament of Sri Lanka.
Furthermore, views were also exchanged on Sri Lanka’s legislative process, electoral system, peace-building activities and women’s representation in politics.
Since June 2022, the UN team in Sri Lanka and NGOs have used the HNP to respond to the Government’s request for more support to alleviate the impact of the country’s debt and food crisis, and shortages of medicines.
Aligned with appeals from other UN agencies, the HNP has raised $79 million for Sri Lanka through various countries and organizations (click here for the full list).
The HNP revision, which extends the plan through 2022, requires $70 million in additional funds to reach a total of $149.7 million.
Meanwhile the SL Cabinet has given the green light for the country’s Green Bond Framework, which was developed by the Ministry of Finance, with support from the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP).
Sri Lanka’s Green Bond Framework has been designed to support the country in the short term and long term, by providing a framework that can be utilized for debt restructuring and for the long term to raise green finance, once debt sustainability has been reached.
The development of the Framework underwent consultation and received inputs from a number of Ministries and Regulators including but not limited to the Central Bank of Sri Lanka, Ministry of Environment, the Sustainable Development Council, as well as development partners such as the United Nations Development Programme (UNDP) and Global Green Growth Institute (GGGI).
The Government of Sri Lanka has set an ambitious agenda to develop the country’s sustainable finance market, by focusing on the development of tools and policy guidance that is needed to effectively manage environmental, social and governance (ESG) risks and meet the country’s climate objectives.