Foreign grants to Sri Lanka from bilateral and multilateral sources records increase in 2018
The Central Bank of Sri Lanka has reportedly stated that the total foreign grants received by the country from multilateral and bilateral sources during 2018 had increased to Rs. 12.5 billion from Rs. 8 billion in 2017.
However, grants from multilateral sources had reportedly declined significantly by 30.3 percent to Rs. 3.8 billion in 2018 compared to Rs. 5.5 billion recorded in 2017.
The Central Bank’s 2018 annual report has stated that the share of grants from multilateral sources declined significantly to 30.6 per cent from 68.2 per cent recorded in 2017.
Meanwhile, grants from bilateral sources have increased significantly to Rs. 8.7 billion in 2018 from Rs. 2.6 billion in 2017.
The major development partners who provided grants during the year were the Government of Japan, the Government of India and the World Bank.
OSL take:
The increase in foreign grants received by Sri Lanka from multilateral and bilateral agencies during 2018 is an indication of the support received by the island nation from the international community as well as the confidence foreign agencies have on Sri Lanka’s growing economy. Despite the setback suffered by the country following the Easter Sunday attacks, the Sri Lankan government as well as the business community is engaged in moving forward with the international community extending its support to the country. Several foreign funding agencies have already expressed willingness to assist Sri Lanka to bounce back. Therefore, foreign businesses/investors could explore business/investment opportunities in Sri Lanka.
| Article Code : | VBS/AT/14052019/Z_2 |