World Bank satisfied with the ongoing economic reforms in Sri Lanka, approves the second installment of $250 million.
The World Bank had promised budgetary assistance of $500 million to cash-strapped Sri Lanka and released its first installment to the cash-strapped country in June. Sri Lanka has a total foreign debt of $46.9 billion.
Bhavika Nandwana 
Citing "continued satisfactory progress" in the ongoing reform program in Sri Lanka, the World Bank on Wednesday announced the release of a second installment of $250 million to the cash-strapped country. This step of the World Bank will help in stabilizing the country's economy.
The World Bank had promised budgetary support of $500 million and released its first tranche to cash-strapped Sri Lanka in June. Sri Lanka has a total foreign debt of $46.9 billion.
"In view of the continued satisfactory progress made by the Government with its reform programme, this assistance to Sri Lanka is being provided in the form of the Resilience, Stability and Economic Transformation (RESET) Development Policy Operation (DPO)," according to the World Bank's release. "Given through the go facility."
The reset DPO, which provides budgetary support to the government, was originally approved in June this year. Let us tell you that Sri Lanka went through its worst economic crisis in history in 2022 when its foreign exchange reserves fell to a critical low and the public took to the streets to protest against the shortage of fuel, fertilizers and essential commodities.
