World Bank approves $25 mn loan to Sri Lanka

Colombo (News 1st): The World Bank today (December 18) approved a $25 million loan to the Government of Sri Lanka to improve the transparency and efficiency of core government and public financial management functions. The Public Sector Efficiency Strengthening Project (PSEP) will help strengthen the institutional capacity of the Ministry of Finance to improve efficiency and deliver better services. The use of information technology and greater human resource capabilities will be the key drivers of this 5-year project. The European Union will be a partner in PSEP with a technical assistance grant of Euro 10 million to help strengthen core public finance and accountability institutions. The $25 million loans from the International Bank for Reconstruction and Development (IBRD), has a final maturity of 28 years including a grace period of 11 years.