Cabinet nod to strengthen financial sector safety net with $ 150 m World Bank loan

Thursday, 7 December 2023 02:44 - - {{hitsCtrl.values.hits}}

The Cabinet of Ministers approved the implementation of a financial sector safety net project with the $ 150 million loan extended by the World Bank.

The loan agreement negotiations align with three main components. These include the capitalisation of the Sri Lanka deposit insurance scheme, institutional capacity development of the Central Bank and supervision of the project’s implementation.

On 24 April, the Cabinet approved securing financial assistance from the World Bank.

“The funds obtained through the World Bank loan aims to play a crucial role in achieving these objectives,” Cabinet Co-Spokesman and Minister Bandula Gunawardena said at the post-Cabinet meeting media briefing yesterday.

The proposal submitted by President Ranil Wickremesinghe in this regard, in his capacity as the Finance, Economic Stabilisation and National Policies Minister was approved by the Cabinet.