Govt. goes for $ 500 m WB Group loan for budget support

The Government has decided to go ahead for a $ 500 million loan from the World Bank’s concessionary window International Development Association (IDA) for budgetary support.  The assistance in two tranches is from the World Bank’s broader Development Policies Financing Program for two years. 

The move has been cleared by the Attorney General’s Department and received the concurrence of the Central Bank. 

Cabinet of Ministers at its meeting on Monday approved the proposal by President Ranil Wickremesinghe in his capacity as the Minister of Finance, Economic Stabilisation and National Policies to enter into an agreement with the IDA in relation to obtaining this financial support.