The Cabinet of Ministers has granted approval to enter into an agreement with the World Bank for a grant of USD 200 million for the second stage of the reform agenda in Sri Lanka under the development policy financing program.
The World Bank is supporting the comprehensive reform agenda in Sri Lanka through the development policy financing program in line with the International Monetary Fund (IMF) funding facility.
The said program is a biennial program, with stage 1 successfully being completed in 2023.
Following this, the World Bank has agreed to grant a special drawing right equal to US$ 200 million under the second stage of the development policy financing program to support the government reform plan.
Accordingly, the Cabinet approved the proposal presented by the President, in his capacity as the Minister of Finance, to enter into an agreement with the International Development Corporation of the World Bank for this purpose. (Newswire)