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UK offers debt relief for tsunami reconstruction and poverty reduction |
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Friday, 23 December 2005 |
The United Kingdom has offered debt relief to Sri Lanka under its multilateral debt relief initiation announced in September 2004, writes Daily News 231205 at http://www.dailynews.lk/
Forwarded by Budhi Mulyawan 231205.
Under this arrangement the United Kingdom will contribute 10% of the payment owed by the Sri Lankan Government to the International Development Agency (IDA) of the World Bank in all debt incurred up to January 1, 2004.
The UK Government intends to continue this arrangement until 2015 and the total value of the debt relief is approximately US dollars 80 million (approximately Rs. 8 billion), states Finance Ministry press release.
The funds reimbursed by the United Kingdom can be used as budgetary support for implementation of Government tsunami reconstruction and poverty reduction programmes.
A Memorandum of Understanding was signed yesterday for the reimbursement of US dollars 5.6891 million (approximately Rs. 575 million) the first instalment which covers 10% of the debt service payments due from Sri Lanka to the International Development Agency.
The Memorandum of Understanding was signed at the Ministry of Finance and Planning by Dr. P.B. Jayasundera, Secretary, Ministry of Finance and Planning on behalf of the Government and High Commissioner for the United Kingdom Stephen Evans on behalf of the United Kingdom Government.
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