The World Bank has approved a substantial financial assistance package totaling $700 million to support Sri Lanka's budgetary and welfare needs.

The funding aims to bolster the country's economic stability and address key social welfare challenges. Of the total amount, $500 million will be allocated for budgetary support, while the remaining $200 million will be dedicated to welfare initiatives.

The approval of this significant financial package by the World Bank comes as Sri Lanka continues to navigate economic difficulties exacerbated by the global pandemic and other internal factors.

The funds provided for budgetary support will aid in addressing fiscal gaps and sustaining essential public services. This allocation is expected to help the government maintain macroeconomic stability and promote sustainable growth.