World Bank releases additional USD 250mn for Sri Lanka to sustain economic reforms

The World Bank has released the second tranche of the USD 500 million under the Sri Lanka Resilience, Stability and Economic Turnaround (RESET) Development Policy Operation (DPO),

The World Bank has released the second tranche of the USD 500 million under the Sri Lanka Resilience, Stability and Economic Turnaround (RESET) Development Policy Operation (DPO), considering the continued satisfactory progress made by the government with the reform program.

The Sri Lanka Resilience, Stability and Economic Turnaround (RESET) Development Policy Operation (DPO), which provides budget support to the government, was approved on June 28, 2023. This is the first in a series that supports foundational reforms to restore macroeconomic stability, mitigate the impacts on the poor and vulnerable, and support an inclusive, private sector-led recovery.

The World Bank says this support is contingent on prior actions or milestones that need to be completed before the funding is released.