Sri Lanka to hold discussions with World Bank for a $ 200 million loan for social security programs

(LANKAPUVATH | COLOMBO) – The Cabinet of Ministers has granted approval for the government to hold discussions with the World Bank for a loan of US$ 200 million for social security programs in Sri Lanka.

Taking necessary steps to implement a strong social safety net to protect the most vulnerable groups in society has been identified as a priority activity among the proposed policy actions Sri Lanka is supposed to take under the Extended Fund Facility (EFF) Program of the International Monetary Fund.

Accordingly, the World Bank has agreed to provide a US$ 200 million loan to support the planned social security program.

The proposed program will be implemented under the three (03) components of providing financial subsidies to target families, pilot program to improve opportunities for the poor and vulnerable, and strengthening the social security system.

Accordingly, the Cabinet of Ministers has approved the proposal presented by the President as the Minister of Finance, Economic Stabilization and National Policy to implement the project and hold debt settlement negotiations with the World Bank in order to fund it.

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