Cabinet nod to obtain $ 200 m funding support from World Bank

Cabinet of Ministers on Monday approved entering into an agreement with the International Development Corporation of the World Bank to obtain a grant of $ 200 million.

“The World Bank is providing support for the comprehensive reform agenda in Sri Lanka through the development policy financing program in line with the comprehensive funding facility of the International Monetary Fund (IMF),” Cabinet Co-Spokesman and Minister Bandula Gunawardena said.

He said the program is a biennial program, and stage one was successfully completed during the year 2023.

Speaking at the post-Cabinet meeting media briefing, Gunawardena explained that the World Bank has agreed to grant a special drawing right of 150.6 million equal to the $ 200 million under the second stage of the development policy financing program to support the implementation of the Government reform plan.

He clarified that these funds will only be used for specified key initiatives outlined in the Government’s reform agenda.  

The proposal to this effect presented by the President Ranil Wickremesinghe in his capacity as the Finance, Economic Stabilisation and National Policy Minister was approved by the Cabinet of Ministers.