The Asian Development Bank (ADB) has approved a $100 million financing package to build on Sri Lanka’s progress toward macroeconomic stability and to help achieve sustainable growth following the economic crisis. This will be done by strengthening public expenditure management, improving revenue mobilisation, and fostering private sector participation.

“Sri Lanka has made commendable progress in restoring fiscal and debt sustainability following an unprecedented economic crisis,” said ADB country director for Sri Lanka Takafumi Kadono. “We will work closely with the government to restore macroeconomic stability and promote inclusive, sustainable growth by strengthening Sri Lanka’s fiscal governance and build a more efficient, accountable, and resilient public sector. This programme also aims to improve the credibility and execution of public expenditure, enhance domestic revenue mobilisation, and foster a more predictable and transparent investment climate.”

Asian Development Bank approved a $100 million package to support Sri Lanka’s post-crisis recovery by strengthening fiscal governance, improving revenue mobilisation, and promoting private sector participation.
The programme will enhance public expenditure efficiency, develop a PPP framework, deepen tax compliance, and mobilise climate finance.

This programme will help improve efficiency and transparency in public expenditure management through a comprehensive approach that streamlines budgetary processes and optimises resource allocation to ensure the effective utilization of public funds, the ADB said in a press release.

In addition, it will enhance revenue mobilisation by strengthening revenue generation through stronger domestic and international tax compliance such as the development and implementation of a multiyear tax compliance improvement strategy and by further deepening international tax cooperation following Sri Lanka’s recent membership to the Global Forum on Transparency and Exchange of Information for Tax Purposes.

The programme will support the government’s efforts to improve the enabling environment for private sector participation, including developing a legal framework for public–private partnerships (PPP) that is aligned with international best practices and mobilising additional climate finance and private investment. It will also focus on strengthening the management, transparency, and accountability of state-owned enterprises (SOE).

Several first-time initiatives in Sri Lanka will be supported. In addition to the draft PPP law, this includes a comprehensive Fiscal Risk Statement and a climate finance strategy that aims to crowd in other sources of finance to support Sri Lanka’s climate ambition and resilience. It also addresses gender gaps through Sustainable Development Goals budget tagging, a new gender sensitive Nationally Determined Contribution, and public procurement reforms to enhance its development impact and inclusivity. These innovations, together with newly established institutional mechanisms—such as the SOE credit risk framework and specialised monitoring units—lay the foundation for sustained impact.

ADB is a leading multilateral development bank supporting inclusive, resilient, and sustainable growth across Asia and the Pacific. Working with its members and partners to solve complex challenges together, ADB harnesses innovative financial tools and strategic partnerships to transform lives, build quality infrastructure, and safeguard our planet. Founded in 1966, ADB is owned by 69 members—50 from the region. 

Fibre2Fashion News Desk (RR)

Charles Tyrwhitt announced on Tuesday the opening of its latest New York City store, as the British shirtmaker expands its retail footprint in the Big Apple.

Located at 477 Madison Avenue, on the corner of 51st Street, the new Charles Tyrwhitt store spans 450 square feet store, framed with street-facing windows and two London telephone booth façades.

Inside, the store offers the London-based brand’s complete menswear range, including its signature collection of shirting in a variety of fits and colorways, formal and casual suiting, smart knitwear, 
and casualwear, plus footwear and accessories. 

The new New York store will serve as the brand’s official flagship in the U.S., marking the latest milestone in the its ongoing U.S. retail expansion, as well as strengthening its presence in the New York region.

“We are thrilled to officially open the doors to our new flagship store on Madison Avenue just steps away from where we debuted our very first New York location over 23 years ago,” said Joe Irons, chief sales and marketing officer at Charles Tyrwhitt.

“Since then, we’ve grown alongside our customers, and the response to the brand in New York has been so strong that we jumped at the opportunity to create a bigger and more impactful U.S. flagship home, adding to our four other thriving Manhattan stores.”

On November 12, locals are invited to Tyrwhitt Times, a morning event featuring complimentary coffee, exclusive offers, and the unveiling of the brand’s limited-edition newspaper, followed by the store’s grand opening party on November 19, featuring early access to Black Friday offers, a live DJ performance, refreshments, and light bites.

Today, Charles Tyrwhitt boasts 12 retail locations across the U.S., including stores across New York, New Jersey, Philadelphia, Washington D.C., and Chicago.

Earlier this year, the  brand strengthened its American presence via a sponsorship as a partner of the New York Yankees and the appointment of Yankees shortstop Anthony Volpe as the brand’s U.S. ambassador.