UN to provide over $300 million to Sri Lanka for development projects

The United Nations is expected to provide over $300 million to Sri Lanka for the development programmes of the next five years, Daily Mirror reported.

UN Resident Coordinator in Sri Lanka Marc-Andre Franche congratulated the island nation for adopting the Anti-Corruption Act and the establishment of the Parliamentary Budget Office.

Speaker Mahinda Yapa Abeywardana expressed his gratitude for the continuous support of the United Nations Development Programme as a development partner of the Parliament of Sri Lanka.

Furthermore, views were also exchanged on Sri Lanka's legislative process, electoral system, peace-building activities and women's representation in politics, as per Sri Lanka-based Daily Mirror English newspaper.

Kushani Rohanadeera, Secretary General of Parliament explained the programmes by the Women Parliamentarians' Caucus to strengthen the representation of women in politics and the inclusion of youth representatives for the Sectoral Oversight Committees.

Sri Lanka has been facing the worst economic crisis since independence in 1948. Insufficient foreign reserves at Sri Lanka's Central Bank and loss of access to international capital markets led to the country defaulting on debt for the first time in history.

Additionally, unchecked external borrowings, tax cuts that increased the budget deficit, a restriction on the import of chemical fertilizer and the abrupt floating of the Sri Lankan rupee are a few of the elements that caused the economy to collapse.

And Covid-19 was like an extra addition to their problems as the island nation's economy is dependent on its tourism sector.

Notably, the economic crisis in Sri Lanka sparked mass protests last year that forced then-President Gotabaya Rajapaksa to flee the country. He moved out of the country after protesters stormed his official residence as the island nation witnessed an acute shortage of food, fuel, and other essentials.