INSUBCONTINENT EXCLUSIVE:
Sri Lanka will get about $600 million, on a staggered basis, from the Asian Development Bank after the International Monetary Fund releases
the second tranche of a $2.9 billion bailout for the crisis-hit country, an official said on Tuesday.Sri Lanka is inching out of its worst
financial crisis in decades, triggered by record-low foreign exchange reserves last year that saw its economy contract 7.8% in 2022.The
Its first review is expected to be approved by the global lender next week, which will release a second tranche of about $334 million in
funding.Alongside the IMF programme the Asian Development Bank is likely to provide total budget support of $2 billion over the next four
interview with Reuters.The bulk of the support will likely be extended next year in a combination of policy-based loans and project
lending.The first instalment of $200 million is tabled for ADB board support on Dec
8 but will only be given to Sri Lanka after the IMF approves its first review on Dec
12.Another $200 million for power sector reforms is expected in 2024, along with $100 million to the water sector and $50-$70 million for
the tourism sector.An additional $100 million is earmarked in ADB support to improve access to financing for small and medium-sized
enterprises, along with another $100 million to improve public finance and debt management.Sri Lanka has to remain committed to pushing
forward reforms pledged under the IMF programme, Kadono said, which include restructuring its loss-making state enterprises, reducing budget
