COLOMBO, April 9 (Xinhua) -- Sri Lanka's cabinet of ministers on Monday approved a proposal to reform the governance of state-owned banks, a requirement under a program with the International Monetary Fund (IMF), cabinet spokesman Bandula Gunawardena told reporters on Tuesday.

Addressing a press conference, Gunawardena said the approved reforms were identified by a committee comprising representatives from the IMF, the World Bank and the Central Bank of Sri Lanka.

These reforms seek to address weaknesses in governance, risk management and supervision of state-owned banks, he said, adding that these reforms have to be implemented as soon as possible.

The minister said the World Bank's budget support loans will only be disbursed after the completion of prior actions.

In March 2023, the IMF approved a 48-month extended arrangement under the EFF of about 3 billion U.S. dollars to support Sri Lanka's economic policies and reforms. Enditem

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