Sri Lanka has received the first tranche of US$ 250 million out of US$ 500 million for budgetary support from the World Bank, Finance State Minister Shehan Semasinghe confirmed.
“We are pleased to confirm that the first disbursement of US$ 250 Mn out of US$ 500 Mn for budget support from the World Bank has been received”, the State Minister tweeted.
The World Bank had recently approved US$ 700 million in financing to help Sri Lanka, implement foundational reforms that restore macroeconomic stability and sustainability.The WB has also allocated US$ 200mn for welfare support earmarked for those worst hit by the crisis. The Board of Directors of the World Bank had approved $700 million in financing for two operations to help Sri Lanka implement foundational reforms that restore macroeconomic stability and sustainability, mitigate the impact of current and future shocks on the poor and vulnerable, and support an inclusive and private-sector-led recovery and growth path.