Sri Lanka to seek USD 200 mn World Bank loan for social security programs

The Cabinet of Ministers has green-lighted the approval to hold discussions with the World Bank for a loan of USD 200 million for social security programs in Sri Lanka.

President Ranil Wickremesinghe made the proposal in his capacity as the Minister of Finance, Economic Stabilisation and National Policies.

Among the policy actions Sri Lanka is supposed to take under the International Monetary Fund-supported 48-month External Fund Facility (EFF), implementing a strong social protection network to protect the most vulnerable groups in society is at the forefront.

To this end, the World Bank has agreed to facilitate a loan of USD 200 million to Sri Lanka to support this social security program.

Through this program, selected families will receive financial aid, and poverty-stricken and vulnerable groups will receive more opportunities while the social protection network is strengthened.