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ADB, World Bank leads as Sri Lanka gets US$1.5bn in loans in 2023

In the nine months leading up to September 2023, Sri Lanka received a total of 1.5 billion US dollars from its foreign creditors. The Asian Development Bank (ADB) was the largest contributor, disbursing 529 million US dollars, followed by the World Bank with 442.8 million US dollars and the International Monetary Fund (IMF) with 343.7 million US dollars. Other contributors included India (142.5 million US dollars), the Netherlands (7.4 million US dollars), the Saudi fund for economic development (5.6 million US dollars), and the Asian Infrastructure Development Fund (22.9 million US dollars). Additionally, grants totaling 10.6 million US dollars were provided, with the World Bank contributing 8.4 million US dollars and Germany 2.1 million. It's noted that some countries may halt new loans after a default but resume after debt restructuring. Multilateral lenders typically initiate budget support loans following an IMF program, and in this instance, IMF loans are also budget support loans directed to the Treasury instead of the central bank. Despite facing default, Sri Lanka is expected to continue repaying multilateral agencies, having made debt service payments of 912.8 million US dollars by September, covering principal repayments (631.9 million US dollars) and interest (280.9 million US dollars).

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