Press briefing of Cabinet Decision taken on 2023-04-24

Obtaining support from the Development Policy Financing Program of World Bank for the Economic Stabilization and Recovery Program in Sri Lanka

- In line with the International Monetary Fund's Extended Fund Facility Programme,the Government of Sri Lanka has implemented a comprehensive economic stabilization and recovery programme with necessary reforms in order to address the macroeconomic challenges. The World Bank has agreed to support the said programme through its Development Policy Financing programme. Accordingly, the World Bank will extend its support based on three focus areas of Transforming Economic Governance, Enhancing Growth and Competitiveness and Protecting the Poor and Vulnerable. The Proposal made by the Hon. President in his capacity as the Minister of Finance, Economic Stabilization and National Policies to handle the overall coordination process of the proposed programme by the Presidential Secretariat, to authorize the Department of External Resources to conduct negotiations with the World Bank in relation to securing the relevant funds, was approved by the Cabinet.