AMN/ WEB DESK
Sri Lanka’s Development Policy Financing Program has secured a 200 Million US Dollars package from the International Development Association of the World Bank Group.
The agreement was signed today between Sri Lanka’s Ministry of Finance, and the World Bank officials in the presence of President Anura Kumara Dissanayake.
This financing is part of the World Bank’s continued commitment to assist Sri Lanka in its comprehensive reform agenda. The DPF program is part of the second phase of Sri Lanka’s Resilience, Stability, and Economic Turnaround or RESET programme, which operates in tandem with the IMF’s Extended Fund Facility. The two-year program which commenced last year, is designed to restore stability through macroeconomic adjustments while protecting the poor and vulnerable. The first phase of the program, implemented in 2023, successfully secured USD 500 million in funding for the island nation.
This financial assistance is expected to be crucial in stabilizing Sri Lanka’s economy and preventing future crises, while fostering a more inclusive and competitive economic environment.