ADB ANNUAL LOANS SET TO INCREASE
The Asian Development Bank’s (ADB) annual lending to Sri Lanka is expected to increase to 800 million dollars this year as a result of growth in capital for the organisation, according to ADB Director General for South Asia Hun Kim – the annual average ADB loan to Sri Lanka in the last three years has been 300 million dollars.
Kim noted that Sri Lanka has failed to emerge as a star in South Asia due to insufficient foreign investments and declining exports. He also stressed the need for the government to have a long-term vision to improve economic growth.
Some of the aspects Kim identified as Sri Lanka’s strengths include its level of organisation, strong bureaucracy and civil society. However, he observed that recent political instability has contributed to economic setbacks.