The World Bank Board has approved a 100 million dollar credit from the International Development Association (IDA) to support the Government of Sri Lanka’s economic reform program.
“Sri Lanka has been making steady progress on economic reforms, with the government aiming to create one million new jobs through a reform package focused on improving the country’s competitiveness, transparency and macroeconomic stability,” a statement said.
A World Bank study, the Systematic Country Diagnostic, has highlighted the need for Sri Lanka to move from “a largely inward looking and public sector driven economy” to one that can unleash the potential of the private sector.
The funding provided is allocated by the government solely based on its budgetary priorities. The World Bank Group provides technical assistance to the Government in support of its reform efforts under this program.