China offers support to develop Sri Lankan economy

China has offered support to develop the Sri Lankan economy, following talks held in Colombo today.

The Minister of Finance and Mass Media Mangala Samaraweera met with the Chinese Ambassador to Sri Lanka, Cheng XueYuan and a Chinese delegation at the Treasury today.

The Minister apprised the Chinese Ambassador about the Sri Lankan Governments plan to re-engage with the International Monetary Fund (IMF) and thanked the Chinese Government for their continued support extended to Sri Lanka.

Samaraweera will visit Washington next week for talks with the IMF.

He will be in Washington from 14 – 16 January 2019 to resume negotiations with the IMF on the Extended Fund Facility.

The IMF had in November decided to suspend funding for Sri Lanka as a result of the political crisis.

Sri Lanka’s three-year extended arrangement was approved on June 3, 2016, to the amount of about US$1.5 billion, or 185 percent of quota in the IMF at that time of approval of the arrangement.

Chinese Ambassador Cheng XueYuan reiterated his countries support to the development of the Sri Lankan economy and pledged their support in Sri Lanka’s efforts to re-engage the IMF in a sustainable manner.

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The meeting was attended by the Secretary to the Treasury Dr.R.H.S. Samaratunga, Senior Advisor to the Minister of Finance and Mass Media Mano Tittawella and other senior Finance Ministry officials. (Colombo Gazette)

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