28 June, 2023
Sri Lanka will enter into an agreement with the World Bank for $500 million in budgetary support after the Cabinet approved it on Tuesday. It is the biggest funding tranche for since the International Monetary Fund deal in March.
The Cabinet of Ministers approved the proposal by President Ranil Wickremesinghe in his capacity as the Finance, Economic Stabilization and National Policies Minister to enter into an agreement with the International Development Association (IDA) of the World Bank Group in relation to obtaining this financial facility at the Cabinet meeting held on Tuesday.
“Clearance of the Attorney General’s Department and the concurrence of the Central Bank of Sri Lanka have been obtained for the proposed financial facility.