SL to borrow US $ 25mn from World Bank’s IBRD

The Cabinet of Ministers has cleared a proposal to borrow US $ 25 million from the International Bank for Reconstruction and Development (IBRD) of the World Bank to improve the efficiency and transparency of public institutions. 

The government with the support of the World Bank and European Union has embarked on a project to enhance the efficiency and transparency 
of the public sector.

Under this, it is expected to introduce efficient and transparent systems for better fiscal management and excise revenue management.

The Finance Ministry is expected to consult the Monetary Board of the Central Bank before entering into an agreement with the IBRD, over the terms and conditions of the loan arrangement.