May 9, 2023
1 min read

Lanka to seek $200mn from World Bank for social security programs

Gunawardena said that Sri Lanka has agreed to implement a robust social security network to protect the most vulnerable groups in the country…reports Asian Lite News

Sri Lanka’s cabinet of ministers approved a proposal to start discussions with the World Bank to obtain $200 million for social security programs, a spokesperson said on Tuesday.

Cabinet spokesperson Bandula Gunawardena told journalists that President Ranil Wickremesinghe made the proposal in his capacity as the Finance Minister, reports Xinhua news agency.

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 $200 million to support social security programs, and the discussions with the World Bank will be to finalise the funding.

Sri Lanka’s cabinet of ministers also endorsed a proposal in April to authorise the finance ministry to proceed with negotiations seeking a $350 million loan and another $1.5 million grant from the Asian Development Bank.

ALSO READ: Russia launches biggest ever ‘kamikaze’ drone attack on Ukraine

Previous Story

Putin turns heat on West

Next Story

Imran Khan arrested by baton-wielding security forces

Latest from -Top News

Beijing’s Shadow Over Kashmir Terror

The Pahalgam massacre is not just an act of terror; it is a strategic message. It exposes how Pakistan, increasingly beholden to China, is being used as a tool to undermine India’s

India Calls Out Pakistan’s Double Game

Indian High Commissioner to the UK warned that the current hostilities could cease entirely if Pakistan simply refrains from targeting Indian military installations…reports Asian Lite News Indian High Commissioner to the UK,

Gates to Give 99% Away 

Spread out over time, this will enable the foundation to invest an additional $200 billion (£150.8 billion) in its core focus areas, primarily global health and U.S. education, over the next two
Go toTop

Don't Miss

SriLankan Airlines stakes up for grabs

In the current status quo, the technical crew situation at SriLankan Airlines has

WFP worried about food security in Lanka

An emergency programme is being set up to help 3.4