The Treasury says it already has US$ 500 mn needed for tsunami reconstruction work for this year

The Treasury says it has already secured US$ 500 mn that is needed for reconstruction work of tsunami damages for this year. The Treasury says it has already secured US$ 500 mn that is needed for reconstruction work of tsunami damages for this year. “We have already secured the US$ 500 mn that is needed for this year,” said Treasury Secretary, P B Jayasundara at a press conference on Monday.

On Monday the government added a US$ 80 mn Japanese grant into the kitty.

The money will fund the government’s reconstruction plans, initially unveiled at the Jakarta aid conference on January 6.

The balance, of the US$ 500 mn reconstruction bill for 2005, will be met via US$ 100 mn each from the World Bank and The Asian Development Bank, US$ 23 mn from India and US$ 197 mn from various other donor countries.

Reconstruction work will be phased out over three years from 2005 up to 2007 but 40 the work will be done within 2005.

The total reconstruction bill over three years is put at between US$ 1.2 bn – US$ 1.5 bn.

The government says all rehabilitation activity will go hand in hand with budgeted developme