Colombo, Oct 7
The World Bank and the Sri Lankan government signed on Monday for an additional 200 million U.S. dollars for economic reforms in the country, according to a statement from the World Bank.
The World Bank said it signed the Second Resilience, Stability, and Economic Turnaround (RESET) Development Policy Operation (DPO) for 200 million dollars, which aims to support reforms that improve economic governance, enhance growth and competitiveness, and protect the poor and vulnerable, helping to build Sri Lanka's resilience and fostering an equitable economy.
According to the World Bank, this is the second operation in a two-part series that began in 2022. The first operation, totaling 500 million dollars, was disbursed in June and December 2023, it said.
The operation focuses on improving economic governance to create a stable macroeconomic environment and restore investor confidence through key reforms, the World Bank said, Xinhua news agency reported.
"Moving forward, Sri Lanka will now have the opportunity to focus on maintaining its hard-earned stability and investing in the private sector to transform the national growth trajectory. Doing so is vital to boosting economic growth, creating jobs, and ensuring that everyone benefits from a stronger, more resilient economy," said David Sislen, World Bank regional country director for Maldives, Nepal, and Sri Lanka.