Press briefing of Cabinet Decision taken on 2023-07-24

Financial Assistance from the World Bank for implementation of the Social Protection Project

- Approval has been granted at the Cabinet meeting held on 2023.05.08, to negotiate with the World Bank to secure funds for the implementation of a project that will provide better targeted income support and livelihood opportunities to the poor and vulnerable and strengthen the social protection system. In the negotiations held accordingly, the World Bank has agreed to provide US$ 200 million funds under three (03) components as US$ 185 million to support the new welfare benefit payment scheme 'Aswesuma', US$ 07 million to support the implementation of a pilot project to economically empower the selected beneficiaries and US$ 08 million to manage the overall project and strengthen the social protection system. The proposal made by the Hon. President in his capacity as the Minister of Finance, Economic Stabilization and National Policies to enter into the relevant Agreement with the International Development Association of the World Bank Group in order to obtain the relevant loan, was approved by the Cabinet.