Sri Lanka secures $1.52 billion in foreign financing
Sri Lanka has secured new external financing amounting to around US$1.52 billion by entering into 13 agreements with foreign development partners and lending agencies during the period January 1 to September 30, 2023, the Finance Ministry’s fiscal management report showed.
The International Monetary Fund’s (IMF) extended fund facility arrangement has filled part of the external financing gap, the difference between the projected demand for and supply of foreign currency financing.
It included the projected demand for and supply of foreign currency to rebuild the foreign reserves of the central bank, a senior official of the finance ministry said.
In addition, the IMF-supported programme has been able to stimulate broader financial support from international and bilateral partners, as well as private sector investors, he added.
The IMF’s Extended Fund Facility (IMFEFF), the Asian Development Bank (ADB) and the World Bank (WB) have extended their assistance by disbursing $350 million under the Economic Stabilisation Programme.
A sum of $247.6 million has been secured under the Resilience, Stability, and Economic Turnaround (RESET) Development Policy Financing programme, the ministry’s latest report revealed. In the bilateral stream, $158 million of external financing was received from India, Netherlands, Saudi Fund for Arab Economic Development, Germany and France by the end of third quarter 2023.
Also, the Emergency Credit Lines received from the Government of India helped substantially to ease the foreign currency needs for the importation of essential goods in the first quarter of 2023.
Accordingly the government was able to secure a substantial amount of foreign financing, amounted to$ 1,516.3 million, from January 1 to September 30, 2023
It has obtained foreign financing of $1,479 million by entering into 13 agreements with foreign development partners and lending agencies during the first nine months this year.
This consists of $ 333.0 million received under the IMFEFF arrangement, $350.0 million for the Economic Stabilisation programme extended by the ADB, and $495.6 million for RESET Development Policy Financing.
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