The agreement to begin negotiations with the World Bank for a loan of USD 200 million for Sri Lanka’s social security initiatives has been given the go-ahead by the Cabinet of Ministers.
The idea was made by President Ranil Wickremesinghe while serving as Finance Minister.
Implementing a robust social protection network to safeguard society’s most vulnerable groups is foremost among the policy steps Sri Lanka is required to execute as part of the 48-month External Fund Facility (EFF) sponsored by the International Monetary Fund.
In order to assist this social security scheme, the World Bank has agreed to approve a loan of USD 200 million to Sri Lanka.
Through this initiative, a small number of families will receive financial assistance, vulnerable and poverty-stricken populations will have more chances, and the social safety net will be enhanced.
