ADB asks Lanka to get cracking on reforms and economic development

Asian Development Bank’s half a million dollar commitment to Sri Lanka could hit a bumpy stretch if much needed reforms and economic performance gets entangled in the web of political rhetoric. Asian Development Bank’s half a million dollar commitment to Sri Lanka could hit a bumpy stretch if much needed reforms and economic performance gets entangled in the web of political rhetoric. The Manila based bank this week, announced a US$ 570 mn for 2005-06 based on an updated country strategy and programme. The programme includes US$ 90 mn worth of annual commitments from ADB’s concessional Asian Development Fund (ADF), and a total of US$ 390 mn over two years from its ordinary capital resources (OCR).

“Though it’s a two year commitment, the programme’s progress is linked to government agenda’s, policies and so on. Progress in peace process is also important to ensure that economic growth firmly takes place,” the bank’s new Country Director for Sri Lanka, Alessandro Pio told journalists on Friday.

Pio, who did a stint at the Sri Lankan office as an Economist from 1997-8, says Sri Lanka did well during a performance review over last year’s work.

Sri Lanka’s aid disbursement ratio peaked