The Asian Development Bank (ADB) has agreed to offer 40 million U.S. dollars worth of assistance to Sri Lanka's drought hit regions to provide water for nearly 500 000 people, an official said here on Thursday. Cabinet approval has been given to accept the ADB assistance following a Cabinet paper presented by President Mahinda Rajapaksa on Wednesday, Cabinet spokesman and Media Minister Keheliya Rambukwella said. "The project is expected to complete a water and sanitation project in the drought hit areas and will assist over 453 000 people," he told reporters. A severe drought has affected over a million people in the north central part of the country hit by the worst drought in more than two decades. Lack of water has also destroyed an estimated 100 000 acres of paddy, Sri Lanka's major agriculture product. Agriculture experts have warned that loss of such a large stock of rice would drive up the cost of living. The export of tea, Sri Lanka's highest foreign exchange earning crop, has also dropped to a three-year low due to adverse weather conditions. Sri Lanka's energy minister has also warned of severe power shortages if rains to not arrive soon. The government has allocated 2.7 million U.S. dollars (3.7 billion rupees) to assist the drought affected areas but has come under pressure from farmers that are not seeing any difference on the ground. The country's central bank last week downgraded Sri Lanka's growth target from 7.2 percent to 6.7 percent. However, Finance Ministry Secretary Dr. P.B. Jayasundara in a subsequent interview stated that he expects growth to be as low as 6.5 percent.
GMT 12:09 2018 Monday ,26 November
Black Friday less wild as more Americans turn to online dealsGMT 15:07 2018 Sunday ,18 November
Refugee host countries discuss UNRWA's financial crisisGMT 17:22 2018 Wednesday ,31 October
Russia climbed to 31st place in Doing Business-2019 ratingGMT 16:53 2018 Wednesday ,17 October
"Putin" We need for collective restoration of Syria's economyGMT 14:02 2018 Friday ,12 October
Govt to announce incentives package for Overseas PakistanisGMT 18:26 2018 Saturday ,06 October
Dubai attracts Dh17.7 billion in foreign direct investmentGMT 09:02 2018 Friday ,21 September
Economy of Georgia demonstrates "strong signs of recovery"GMT 09:03 2018 Wednesday ,24 January
German investor confidence surges in JanuaryMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
Send your comments
Your comment as a visitor