Ravi to urge IMF to increase annual aid to Lanka

Ravi KarunananaykeMinister of Finance Ravi Karunanayake left the Island to attend the 2015 Annual Meetings of the World Bank Group and the International Monetary Fund which will take place in Lima, Peru, from 9-11 October 2015. The Minister was accompanied by the Governor Central Bank of Sri Lanka Arujuna Mahendran and the Secretary to Treasury and the Ministry of Finance Dr. R.H.S. Samarathunga.

The Annual Meeting of the WB will bring together ministers of finance and central bank governors from its 188 member countries. It will provide a unique opportunity for a broad dialogue on issues of global economic importance. They serve to discuss international economic and financial developments, the state of the global economy, and policies to reduce poverty and promote inclusive economic growth in the member countries especially the developing countries.

Karunanayake will hold special discussion with World Bank/ IMF team on the aid provided to Sri Lanka. Sri Lanka receives long term aid to the value of 400 million US Dollar annually from the WB/IMF.

Secretary to Ministry of Finance Dr Samarathunga said that WB/IMF provides Sri Lanka the long term credit with the repayment period up to 40 years and the grace period of seven years with 2 percent interest. Presently this aid is used in developing infrastructure facilities in different sectors of the economy.

This year’s discussion by Minister Ravi Karunanayake with the IMF team is aimed at increasing the annual aid to Sri Lanka towards more areas of activities.

Meanwhile Karunanayake en route to WB/IMF meeting will also visit Japan to join Prime Minister Ranil Wickremesinghe who is currently on an official visit to Japan where discussions will be held on economic and bilateral co-operation between the two countries.

Japan is a largest aid donor to Sri Lanka and the Sri Lanka team headed by Prime Minister Ranil Wickremasinghe is expected to hold talks on further improving the ties between the two countries in the field of economic co-operation and investment. (Colombo Gazette)

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