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Cabinet agrees to obtain WB aid for Social Security Project

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Cabinet approval has been granted to come into an agreement with the World Bank to obtain funds for the implementation of the Social Security Project.

Cabinet approval was granted at the meeting held on May 8, 2023 for holding discussions and negotiations with the World Bank for the implementation of a project to provide a better target income and livelihood opportunities to poverty and vulnerable groups and to strengthen the social security system.

The World Bank has agreed to provide 200 million US dollars in three components namely 185 million US dollars for assisting the ‘Aswesuma’ new welfare benefit payment scheme, another seven million US dollars for assisting to implement a pilot project to economically empower the selected beneficiaries and eight million US dollars for strengthening the entire project management and social security system under the project. The Cabinet of Ministers approved the resolution by President Ranil Wickremesinghe as Finance, Economic Stabilization and National Policies Minister to enter into the relevant agreement with the international development tribunal of the World Bank Group in order to obtain the relevant loan grant.

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