The Development Policy Financing Program of Sri Lanka has obtained a 200 million dollar package

INN/New Delhi, @Infodeaofficial

The International Development Association of the World Bank Group has awarded a 200 million dollar package to Sri Lanka’s Development Policy Financing Program.

In the presence of President Anura Kumara Dissanayake, the World Bank representatives and representatives of the Sri Lankan Ministry of Finance signed the agreement today.

The World Bank is still committed to supporting Sri Lanka’s comprehensive reform plan, and this funding is part of that commitment. The Resilience, Stability, and Economic Turnaround (RESET) program in Sri Lanka, which runs concurrently with the IMF’s Extended Fund Facility, includes the DPF program as part of its second phase. The two-year program, which started last year, aims to safeguard the weak and impoverished while restoring stability through macroeconomic reforms. The program’s initial phase, which was put into action in 2023, was successful in getting the island nation USD 500 million in funding.

It is anticipated that this financial aid will play a critical role in creating a more inclusive and competitive economic climate while stabilising Sri Lanka’s economy and averting further crises.