The Cabinet of Ministers this week approved the proposal by Prime Minister Ranil Wickremesinghe, in his capacity as the Minister of National Policies and Economic Affairs, to obtain a credit of Special Drawing Rights equivalent to USD 75 million from the International Development Agency of the World Bank to implement a project to improve and modernise the financial sector.

The project, which will come under the Ministry of Finance, the Central Bank of Sri Lanka, the Securities and Exchange Commission, and the Sri Lanka Insurance Board, will implement essential reforms for the development of the financial sector within 2017-2022 period and will focus on three aspects: Reforms, strengthening the capacity of regulatory agencies, and development of infrastructure.