WB signs $200m loan to support Sri Lanka’s economy

The World Bank (WB) and the government of Sri Lanka signed on Monday a $200 million agreement for the Second Resilience, Stability, and Economic Turnaround (RESET) Development Policy Operation (DPO).

The Second RESET DPO is the continuation of a two-part series that began in 2022, with the initial $500 million operation distributed in June and December 2023, according to the WB’s statement.

This phase aims to support reforms to improve economic governance, boost growth and competitiveness, and safeguard vulnerable groups in Sri Lanka. The government aims to enhance resilience and promote a fair economy through these reforms.

The World Bank’s support for Sri Lanka’s economic recovery is aimed at creating a stable macroeconomic environment, restoring investor confidence, and improving living standards for the population.

Attribution: The World Bank report

Subediting: M. S. Salama