Home » Sri Lanka to Enter Agreement with World Bank for $200 Million to Support Reform Agenda

Sri Lanka to Enter Agreement with World Bank for $200 Million to Support Reform Agenda

written by CN Source

August 28, Colombo (LNW): The Cabinet of Ministers has approved a proposal to enter into an agreement with the World Bank for a $200 million financing package to support the second stage of Sri Lanka’s comprehensive reform agenda under the Development Policy Financing Programme. This decision was announced by Cabinet Spokesman and Mass Media Minister Dr. Bandula Gunawardhana during the weekly Cabinet media briefing held at the Government Information Department.

This financing initiative is part of a broader biennial programme aligned with the International Monetary Fund (IMF) funding facility, aimed at supporting Sri Lanka’s economic reforms. The first stage of this programme was successfully completed in 2023, leading to the World Bank’s agreement to provide additional funding for the second stage.

The $200 million will be provided as a special drawing right under the development policy financing programme. The proposal to enter into this agreement was presented by President Ranil Wickremesinghe, in his capacity as the Finance Minister, and received Cabinet approval.

This funding is expected to play a crucial role in advancing Sri Lanka’s reform efforts, helping to stabilize the economy and lay the groundwork for sustainable development.

Sri Lanka to Enter Agreement with World Bank for 0 Million to Support Reform Agenda
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written by CN Source

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