30 June, 2023
The World Bank approved US$ 700 million in budgetary and welfare support for Sri Lanka yesterday, agencies reported.
About $500 million of the funds will be allocated for budgetary support while the remaining US$ 200 million will be for welfare support earmarked for those worst hit by the crisis.
“Through a phased approach, the World Bank Group strategy focuses on early economic stabilization, structural reforms, and protection of the poor and vulnerable,” the World Bank’s country director for Sri Lanka, Faris Hadad-Zervos, said in a statement. “If sustained, these reforms can put the country back on the path towards a green, resilient and inclusive development,” Zervos said.