Press briefing of Cabinet Decision taken on 2017-07-04

Obtaining a Loan of (USD) 75 million from the International Development Association (IDA) of the World Bank for the Financial Sector Modernization Project

- On a Cabinet approval granted earlier negotiations have been conducted to initiate a loan negotiation to obtain USD 75 million from the International Development Association of the World Bank for the Financial Sector Modernization Project. Since the interest rate of 3.20% for the 3rd quarter of the 17th Financial Year of the World Bank proposed earlier had been revised to 3.36% by the time the relevant negotiations were conducted, the proposal made by Hon. Ranil Wickremasinghe, the Prime Minister in his capacity as the Minister of National Policies and Economic Affairs, to enter into a Loan Agreement with the IDA to obtain a Credit of Special Drawing Rights (SDR) of 55.4 million being equivalent to USD 75 million, based on the exchange rate between SDR and USD on the date of the previous month to the month proceeding the loan negotiation, was approved by the Cabinet.