Credit Drip

The World Bank Wednesday approved the first tranche of US$ 125 mn in support credit, to shore up the countrys poverty reduction strategy.rnrn

The Poverty Reduction Support Credit (PRSC) will build on the framework in the lquote Regaining Sri Lanka vision for accelerated development.rn

rnThe support credit comes on the back of government success in implementing key financial, labour and land reforms, and will augment ongoing efforts.rn

rnldblquote The Government has made significant progress in the implementation of this (poverty reduction) strategy
dblquote , the Bank said in a statement. rn

rnThese include better government expenditure targeting and revenue augmentation, narrowing the budget deficit and the need to borrow.rn

rnAlso, the new Welfare Reforms Act, the Fiscal Management Responsibility Act which has medium term targets for budget deficits and public debt and the Insurance industry regulatory authority.rn

rnIt also recognised pro-competition reforms in utilities like telecommun