Sri Lanka to seek $5 bn from World Bank, other support after IMF OK

Colombo [Sri Lanka], March 9: Sri Lanka will seek more than $5 billion from the World Bank and the Asian Development Bank, among other agencies, soon after it receives a needed International Monetary Fund endorsement, a senior Cabinet minister said on Wednesday.
Government spokesman and Transport Minister BandulaGunawardana said Sri Lanka was confident of gaining approval for an IMF facility, or assistance programme, for $2.9 billion later this month, after fulfilling the required obligations.
"Though the first tranche of the facility, running over four years, may be low, the credibility and the opportunities the country gains will be high. This gives the opportunity to reach out to other lending agencies," Gunawardena told a news conference. The comments came hours after IMF Managing Director Kristalina Georgieva said Sri Lanka's IMF-supported programme will be presented to the lender's executive board on March 20. (dpa)
Source: Qatar Tribune