The Asian Development Bank (ADB) on Wednesday said it has approved Sri Lanka’s eligibility to access concessional financing.

The availability of concessional assistance, offered at low interest rates, broadens Sri Lanka’s options to bridge its urgent development financing needs to restore economic stability and deliver essential services, particularly to the poor and vulnerable, the Philippines‎-based regional development bank said in a press release.

Eligibility for concessional resources among the ADB’s developing member countries is based on gross national income per capita and creditworthiness.

ADB explained that its decision was considered based on a request from the Sri Lanka government in view of the severe and unprecedented economic crisis that has reversed hard-won development gains.

“ADB is committed to further enhancing its support for the people of Sri Lanka as the country responds to this deep crisis that has severely undermined their livelihoods and well-being,” said ADB Director General for South Asia, Kenichi Yokoyama. “The availability of concessional assistance will help Sri Lanka to lay the foundation for economic recovery and sustained, inclusive growth.”

Thus, Sri Lanka is now eligible for ADB support including concessional and market-based financing, technical assistance, policy advice, and knowledge solutions that together comprise a comprehensive suite of options to address the crisis.

The ADB notes that access to concessional financing will also ease debt servicing pressures through more favourable lending terms.

The Parliamentary Business Committee has decided to debate the proposed Anti-Corruption Bill in Parliament on June 21.

The decision was taken when the committee convened under the patronage of Speaker of House Mahinda Yapa Abeywardena.

Minister of Justice, Prisons Affairs and Constitutional Reforms Wijeyadasa Rajapakshe in April tabled the Anti-Corruption Bill in Parliament.

The Bill proposed to give effect to certain provisions of the United Nations Convention against Corruption and other Internationally recognized norms, standards, and best practices; to provide for the establishment of an Independent Commission to detect and investigate allegations of bribery, corruption and offences related to the declaration of assets and liabilities and associated offences, and to direct the institution of and institute prosecutions for offences of Bribery, Corruption and offences related to the declaration of assets and liabilities and other associated offences; to promote and advance the prevention of corrupt practices; to educate and raise awareness amongst the public to combat corruption; to repeal the Bribery Act (Chapter 26), the Commission to Investigate Allegations of Bribery or Corruption Act, No. 19 of 1994 and the declaration of assets and liabilities Law, No. 1 of 1975 and related matters.

The Bill was subsequently challenged in the Supreme Court.

The Supreme Court then determined that certain clauses of the proposed Anti-Corruption Bill are inconsistent with the Constitution.

India’s first luxury cruise ship to Sri Lanka – MV Empress of Cordelia cruises, reached Trincomalee today (June 08).

Eastern Province governor – Sentil Thodaman and a team of officials from the governor’s office, Eastern Commander of Naval Base, Deputy General of Police, and Assistant Superintendent of Police in the region had welcomed the vessel.

The Governor’s office notes that special arrangements have been scheduled for tourists to visit tourist sites in Trincomalee.

The MV Empress, which was flagged off on June 05 by the Indian Union Minister for Ports, Shipping and Waterways – Sarbananda Sonowala, initially arrived at Hambantota yesterday (June 07).

Following the visit to Trincomalee, the ship will also be visiting Kankesanthurai in Jaffna district, before heading back to Chennai.