Japan leads in new loans to Sri Lanka

Japan has made the highest commitment out of the US$1,187.2 million pledged by foreign development partners and lending agencies for Sri Lanka’s public investment programs in the eight months to August, 2017, according to the finance ministry.

Japan’s commitment during this period of $431.3 million was followed by India with $320.0 million, the World Bank with $220.5 million, China with $58.0 million and European Investment Bank (EIB) with $53.4 million).

According to the finance ministry’s Fiscal Management Report – 2018 the government entered into 24 financing commitment agreements with foreign development partners and lending agencies for development activities from 1st January to 31st August 2017.

This was to support the public investment program in-line with the macroeconomic targets set by Medium Term Macro Fiscal Framework: 2015-2018.

Of the total commitments made during this period, $1,020.2 million was made in the form of loans and $167.0 million was made as grants.