Sri Lanka receives 1st disbursement of US$ 250 million from World Bank

World Bank

Sri Lanka has received the 1st disbursement of US$ 250 million out of US$ 500 million for budget support from the World Bank, State Minister of Finance Sehan Semasinghe said today (July 04).

Last week, the Cabinet of Ministers approved the proposal by President Ranil Wickremesinghe to enter into an agreement with the International Development Association (IDA) of the World Bank Group in relation to obtaining this financial facility.

On June 28, 2023 the World Bank approved USD 700 million in financing as budgetary and welfare support for Sri Lanka.

This is the biggest funding trance for the island nation since the International Monetary Fund (IMF) bailout package in March.

Of this amount, USD 500 million had been assigned for budgetary support and USD 200 million for social security.