WB releases USD 250 mn to Sri Lanka
The World Bank has released 250 million U.S. dollars as the second tranche of the Resilience, Stability and Economic Turnaround (RESET) Development Policy Operation (DPO), the international lender said in a statement on Wednesday (20).
In June, the World Bank announced 500 million dollars for the RESET Development Policy Operation, which supports reforms that improve economic governance, enhance growth and competitiveness, and protect the poor and vulnerable.
USD 250 million were disbursed in the same month, the Bank said.
It said the second tranche is now being released after assessing that the government continues to make satisfactory progress in carrying out the broader reform programme, the macroeconomic policy framework remains adequate, and the Banking (Special Provisions) Act – aimed at strengthening the deposit insurance and problem bank resolution framework – has been enacted.
Continued momentum on economic and structural reforms is critical not only to stabilize the economy, but also to unleash its potential for private sector-led growth and transformation, Faris H. Hadad-Zervos, World Bank Country Director for the Maldives, Nepal and Sri Lanka said in the press statement.