[2] Sri Lanka later became a member of the other institutions in the world bank such as the International Finance Corporation (IFC) on July 20, 1956, with a current quota of 7.491 million dollars, allotting 8,311 votes or 0.32% of the total votes;[3] the International Development Association (IDA) on June 27, 1961, with a current share of 98,100 votes or 0.36% within the institution;[4] the International Center for Settlement of Investment Disputes (ICSID) on November 11, 1967;[1] and the Multilateral Investment Guarantee Agency (MIGA) on May 27, 1988, with a current quota of 4.78 million SDR ($5.64 million).
[8] The CPF has claimed a prominent role in recommending Sri Lanka's development policy, focusing on macro-fiscal stability, private sector-led growth, export competitiveness, and global integration.
The first priority is improving the country's fiscal stability and competitiveness through the creation of private sector jobs for the lower end of its population.
The second priority focuses on creating economic and social opportunities for its citizens, such as reducing the concentration of poverty, increasing access to education, and boosting the size of its labor force.
[8] These strategies have manifested themselves in 16 projects with the IDA and IBRD that focus on urban operations and education and an IFC investment of approximately $1 billion.
Parliament passed a new Inland Revenue Law in September 2017, which marks a key milestone towards sustainable revenue-led fiscal consolidation.