Press briefing of Cabinet Decision taken on 2023-05-08

Implementation of the Social Protection Project

- Taking necessary measures to implement a stronger social safety net to protect the most vulnerable groups of the society has been identified as a priority component among the proposed activities of the International Monetary Fund's Extended Fund Facility Programme. The World Bank has agreed to grant US $ 200 million of loan to assist the said Social Protection Project. The proposed project will be implemented under the three (03) components of providing financial benefits to targeted families, pilot programme to enhance the opportunities for poor and vulnerable groups and strengthening the Social Protection System. Accordingly, the proposal made by the Hon. President in his capacity as the Minister of Finance, Economic Stabilization and National Policies to implement the said project and conduct negotiations with the World Bank in order to secure funds for the purpose, was approved by the Cabinet.