INSUBCONTINENT EXCLUSIVE:
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 RESET 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.In a statement, the global financial institution said the second tranche
is now being released after assessing that the government continues to make satisfactory progress in carrying out the broader reform
investment and participation for inclusive and resilient growth and job creation
Hadad-Zervos added.The first tranche of the RESET DPO for USD 250 million was released in June 2023 upon the completion of seven reform
prior actions across three pillars: economic governance; growth and competitiveness; and protecting the poor and vulnerable.
