Govt approves USD 75mn loan from WB for financial sector

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Feb 23, 2017 (LBO) – Sri Lanka will obtain a credit of Special Drawing Rights equivalent to US 75 million dollars from the International Development Agency of the World Bank for improvement of the financial sector.

The project aims to implement several essential reforms identified for the development of the field within 2017-2022, the statement on approved cabinet decisions said.

It will be implemented under three aspects of financial assistance for reforms, strengthening capacity of regulatory agencies, and development of infrastructure.

The proposal was made by Prime Minister Ranil Wickremesinghe to implement the above project by the Ministry of Finance, Central Bank of Sri Lanka, Securities and Exchange Commission, and Sri Lanka Insurance Board within 2017-2022.