The Government said in line with the International Monetary Fund’s (IMF) Extended Funding Facility (EFF) Program, the country has implemented a comprehensive economic stabilisation and recovery program with necessary reforms to address macroeconomic challenges.

“The World Bank has agreed to support the program through its Development Policy Financing Program and will provide its support based on the 3 key areas of economic governance transformation, growth and competitiveness improvement, and protection of the poor and vulnerable,” the Government said.

On Monday the Cabinet of Ministers at its meeting approved the proposal presented by President Ranil Wickremesinghe to carry out the entire coordination process of the proposed World Bank program by the Presidential Secretariat and to authorise the Department of Foreign Resources to conduct negotiations with the World Bank in relation to obtaining the relevant funds.