COLOMBO: Sri Lanka’s cabinet ministers approved a proposal to start discussions with the World Bank to obtain US$200 million for social security programmes, a spokesman said on Tuesday, reported Xinhua.
Bandula Gunawardena told journalists that President Ranil Wickremesinghe made the proposal in his capacity as the finance minister.
Gunawardena said that Sri Lanka has agreed to implement a robust social security network to protect the most vulnerable groups in the country as a part of the International Monetary Fund-supported 48-month Extended Fund Facility.
He said the World Bank has already agreed to provide a loan of US$200 million to support social security programmes and the discussions with the World Bank will be to finalise the funding.
Sri Lanka’s cabinet ministers also endorsed a proposal in April to authorise the finance ministry to proceed with negotiations seeking a US$350 million loan and another US$1.5 million grant from the Asian Development Bank. -Bernama
