The Cabinet of Ministers has granted approval to hold discussions with the World Bank for a loan of USD 200 million for social security programs in Sri Lanka.
The proposal was tabled by President Ranil Wickremesinghe in his capacity as the Finance Minister.
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.
The implementation of the proposed project is based on 3 components namely financial assistance to target families, pilot program to improve opportunities for the poor and vulnerable and strengthening the social security system.
Through this program, selected families will receive financial aid, poverty-hit and vulnerable groups will receive more opportunities and the social protection network will be strengthened.
