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World Bank approves $100 million loan

The World Bank announced on Tuesday its approval of a credit worth $100 million to fund the transformation of Sri Lanka’s education system.

In a statement the World Bank said the Ministry of Education will use the funds to implement its ‘Transforming the School Education System' (TSEP) programme, a scheme that will support ‘several innovative initiatives to enhance learning out comes and improve the orientation of the education system to the economic development and social needs of the country.’

“The program will help the country develop a foundation for the skills needed for the global economy of the future, and the ethics and values required for good citizenship in a modern democracy,” said
Dr Harsha Aturupane, the task team leader of the operation.

Meanwhile, the Sri Lankan parliament today passed its second reading of the budget, before the final vote on Dec 21.

The budget, which includes $2 billion for defence expenditure, was passed by 151 MPs, with 60 MPs opposing it.

The Tamil National Alliance and the United National Party opposed the budget.

See our previous article:

2012 budget fosters militarisation (21 Nov 2011)

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