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Business > Foreign Business
ADB grants $350M to Sri Lanka
By Agence France-Presse
May 31, 2023 12:22 am

MANILA, Philippines: The Asian Development Bank (ADB) approved a $350-million loan on Monday for bankrupt Sri Lanka, buttressing an International Monetary Fund (IMF) bailout as the country battles its worst economic crisis.

The loan will help stabilize the economy of the South Asian nation, the ADB said, after Sri Lanka ran out of foreign currency and defaulted on its $46-billion debt over a year ago.

BAILOUT In this photo taken on May 6, 2018, a Sri Lankan worker sorts plastic at Kathirana, on the outskirts of Sri Lanka’s capital Colombo. The Asian Development Bank on Monday released a loan worth $3450 million to help stabilize the economy of the cash-strapped South Asian nation. AFP PHOTO

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