AIIB ratification given Cabinet nod ahead of PM’s China visit

Economic relations are set to take centre stage during Prime Minister Ranil Wickremesinghe’s upcoming visit to Beijing, with Cabinet nod given to complete Sri Lanka’s domestic ratification process for joining the China-backed Asian Infrastructure Investment Bank (AIIB) while discussions will include possible investment in Hambantota projects.   

Cabinet on Wednesday approved a Cabinet paper presented by Finance Minister Ravi Karunanayake to gazette the domestic ratification of articles related to AIIB. The gazetted bill will then be presented to Parliament for approval, the Cabinet paper said.

Currently 57 countries have joined AIIB, including US allies such as the UK, Germany and Australia, dwarfing the Asian Development Bank (ADB) in terms of membership.