The proposed activities of the International Monetary Fund's Extended Fund Facility program include measures to implement a strong social safety net to protect the most vulnerable groups in society, a statement on Cabinet decisions said.
This week's Cabinet decisions statement says the World Bank has agreed to provide a loan of USD 200 million to support the social security project scheduled accordingly.
The implementation of the proposed project is based on three components namely financial assistance to target families, pilot program to
improve opportunities for the poor and vulnerable and strengthening the social security system.
Accordingly, the Cabinet of Ministers approved the proposal presented by the President, Ranil Wickremesinghe to implement the said project and to conduct the loan negotiation conference with the World Bank to secure funds for the project.