“Sri Lanka’s economic crisis highlights the need for strong safety nets to support the financial sector.

Stable and reliable banking sector is essential for the economy, businesses and individuals, small businesses and poor households,” said Faris Hadad-Zervos, World Bank Country Director for Maldives, Nepal, and Sri Lanka.

“Strengthening the Deposit Insurance Scheme will help protect the savings of smaller depositors, including women and people living in rural areas.

It will also sustain the confidence in Sri Lanka’s financial system, a critical part of building the country back better.”