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Press briefing of Cabinet Decision taken on 2017-02-21
Sri Lanka's Financial Sector development through Financial Sector Project Modernization
- The priority reforms in the financial sector of Sri Lanka has been identified and the Government of Sri Lanka has planned to implement several reforms targeting the financial sector development during the period from 2017 to 2022 through the "Financial Sector Modernization Project". This project will be implemented under the three (03) components by providing financial support for the middle level renovation, strengthening of regulators' institutional capacity and the implementation of the project for modernization of infrastructure facilities in that field and monitoring.

Accordingly, the proposal made by Hon. Ranil Wickremasinghe, the Prime Minister, in his capacity as the Minister of National Policies and Economic Affairs, for the Ministry of Finance, Central Bank of Sri Lanka, Securities and Exchange Commission and Insurance Board of Sri Lanka to implement the "Financial Sector Modernization Project", within the period of 2017 - 2022 and to obtain a loan from the International Development Association (IDA) of the World Bank under the Special Drawing Rights (SDR) being the equivalent of United States Dollars 75 million, was approved by the Cabinet.