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Sri Lanka's cabinet of ministers approved a proposal to start discussions with the World Bank to obtain $200 million for social security programs, a spokesperson said on Tuesday.

Cabinet spokesperson Bandula Gunawardena told journalists that President Ranil Wickremesinghe made the proposal in his capacity as the Finance Minister, reports Xinhua news agency.

Gunawardena said that Sri Lanka has agreed to implement a robust social security network to protect the most vulnerable groups in the country as a part of the International Monetary Fund-supported 48-month Extended Fund Facility.

He said the World Bank has already agreed to provide a loan of $200 million to support social security programs, and the discussions with the World Bank will be to finalise the funding.

Sri Lanka's cabinet of ministers also endorsed a proposal in April to authorise the finance ministry to proceed with negotiations seeking a $350 million loan and another $1.5 million grant from the Asian Development Bank.