Citing “continued satisfactory progress” in Sri Lanka’s reform programme, the World Bank on Wednesday announced the release of the second tranche of $250 million to the cash-strapped country, which will help stabilise the economy. The World Bank had pledged $500 million in budgetary support and released its first tranche in June. The second tranche was released after assessing that the government continues to make satisfactory progress in carrying out the broader reform programme, including enacting the Banking (Special Provisions) Act, aimed at strengthening the deposit insurance and problem bank resolution framework. “Continued momentum on economic and structural reforms is critical not only to stabilise the economy but also to unleash its potential for private sector-led growth and transformation,” said Faris H. Hadad-Zervos, World Bank Country Director for Maldives, Nepal. Last week, Sri Lanka won the International Monetary Fund (IMF) board approval for the second tranche of the $2.9 billion bailout.