Aug 31 (NIA) – The Sri Lankan cabinet, on Wednesday, granted approval to enter into a loan agreement with Japan in order to use the funds for Sri Lanka’s development process.
Media Minister Gayantha Karunathilleke told reporters in the capital that the Japan International Cooperation Agency (JICA) had agreed to provide funds for the development process of the Sri Lankan government considering the sectors of achieving economic stability through financial stability of Sri Lanka, improvement of public resources management and facilitating public-private competition.
Accordingly, the proposal made by Prime Minister Ranil Wickremesinghe, in his capacity as the Minister of National Policies and Economic Affairs, to sign exchange notes with the Japanese government to obtain a development policy loan of Japanese Yen 10,000 (approximately Rs. 14,453 million) and to enter into a loan agreement with JICA for the development process, was approved by the Cabinet of Ministers, Karunathilleke said.
