Govt to re-negotiate USD 400 mn ADB loan
Sri Lanka, Aug. 10 -- The Government is re-negotiating with the Asian Development Bank to obtain USD 400 million for road development and also settle long overdue amounts due to local contractors, Minister of Transport, Highways and Mass Media and Cabinet spokesmen Dr. Bandula Gunawardena said.
"We are hoping to use part of this to repay some of the road contractors which were long overdue. In addition the government also hopes to restart some of the stalled road and bridge development projects that are currently on hold."
Dr. Gunawardane said that when a country goes in for 'self default' foreign funding they do not realize and they are waiting for the IMF bail out to overcome this issue and obtain the ADB's USD 400 million assistance....
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