GOSL is to implement Catastrophe Differed Drawdown Options (CatDDO) Program and Climate Resilience Improvement Project with World Bank Assistance of USD 212 million (Rs.27, 560 Mn)
Published on 10 July 2014
Sri Lanka has become the First South Asian Country to access an innovative form of World Bank financing that gives immediate access to funds after a natural disaster. The World Bank has agreed to provide USD 102 million (Rs.13,260 mn) development policy loan (DPL) to the Government of Sri Lanka with a Catastrophe Differed Drawdown Option (CATDDO), which is a line of credit that can be drawn on partially or in full if a Country declares a state of disaster after a natural disaster. This financing has revolving feature, which means that amounts repaid during drawdown period are available for subsequent withdrawal. Since Sri Lanka has a disaster risk management programme, we are eligible for this financing product. It has three year drawdown period may be renewed up to four times for a maximum of 15 years
Published on 04 June 2014
The Government has decided to reduce the concession on customs duty granted to the milk powder importers with a view to maintain a fixed price for milk powder in the Local Market when there was a price hike of milk powder in the International Market in the first half of this year. The concession on imported milk powder so granted has been reduced with effect from 02.06.2014 since the prices of milk powder continue to fall at present.