Colombo, Oct. 27 (Daily Mirror) - The Cabinet of Ministers has approved entering into a loan agreement with the Asian Development Bank (ADB) to obtain US$100 million to implement the Macro-Recovery Sector Development Program, aimed at promoting resilience and inclusive economic opportunities in Sri Lanka.
The approval covers a loan comprising US$50 million in policy-based financing and US$50 million in investment financing, to be provided through the ADB’s regular general capital resources.
The Cabinet meeting held on March 16, 2026, had approved obtaining a US$620 million policy-based loan from the ADB under five sub-programmes to advance Sri Lanka’s reform agenda in line with the International Monetary Fund’s Extended Fund Facility programme. Approval was also granted to hold loan negotiations with the ADB for this purpose.
Subsequently, at its meeting held on September 7, 2026, the Cabinet approved implementing the Macro-Recovery Sector Development Program using US$100 million from the proposed financing.
The Department of External Resources has now concluded formal loan negotiations with the ADB regarding the financing.
Accordingly, the Cabinet approved the proposal submitted by the President in his capacity as Minister of Finance, Planning and Economic Development to enter into the loan agreement with the ADB for the US$100 million financing package.