Sri Lanka traditionally follows a nonaligned foreign policy but has been seeking closer relations with the United States since December 1977. It participates in multilateral diplomacy, particularly at the United Nations, where it seeks to promote sovereignty, independence, and development in the developing world. Sri Lanka was a founding member of the Non-Aligned Movement (NAM). It also is a member of the Commonwealth, the South Asian Association for Regional Cooperation (SAARC), the World Bank, International Monetary Fund, Asian Development Bank, and the Colombo Plan. Sri Lanka continues its active participation in the NAM, while also stressing the importance it places on regionalism by playing a strong role in SAARC.