Ravi K to attend WB/IMF annual meeting in Peru

This year’s discussion by Minister with IMF aimed at increasing annual aid to SL

Finance Minister Ravi Karunanayake left the island early last morning 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 to 11 October.

The Minister was accompanied by Central Bank Governor Arujuna Mahendran and Secretary to Treasury and Ministry of Finance Dr. R.H.S. Samarathunga.

Japanese Minister for Foreign Affairs Fumio Kishida shakes hands with Minister of Finance Ravi Karunanayake as Prime Minister Ranil Wickremesinghe looks on last morning in Tokyo – Pic by Pradeep Pathirana

Finance Minister Ravi Karunanayake will hold a special discussion with World Bank and IMF team on the aid provided to Sri Lanka.

Sri Lanka receives long-term aid to the value of $ 400 million annually from the WB/IMF.

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

The Annual Meeting of the World Bank 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.

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 7 years with 2% interest. Presently this aid is used in developing infrastructure facilities in different sectors of the economy.

En route to the WB/IMF meeting the Minister also visited 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 cooperation between the two countries.

Japan is a largest aid donor to Sri Lanka and the Sri Lanka team headed by Wickremesinghe is holding talks on further improving ties between the two countries in the field of economic cooperation and investment.