At the next board meeting on 28 June, the World Bank will likely approve $700 million in welfare and budgetary support for Sri Lanka.
In March, the International Monetary Fund approved a bailout of nearly $3 billion to assist the island with economic recovery. This bailout is expected to bring further funding of up to $4 billion from various institutions including the World Bank and the Asian Development Bank.
According to Reuters, $500 million of the World Bank's funding will be for budgetary support and will come in two tranches of $250 million each.
The initial tranche will likely be released immediately upon board approval. The second tranche will likely be disbursed in October after the first review of the IMF program due in September.
The remaining $200 million will be reserved for welfare to assist the poor.
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