Mangala to present ‘designer budget’ next month

Finance and Mass Media Minister Mangala Samaraweera will present a “designer budget” next month that will focus on a start-up culture of “empowering the private sector,” a Finance Ministry communiqué said.

The minister, who has a fashion and textile designing degree from Central St. Martins in London, has told this to the World Bank Group’s International Finance Corporation (IFC) South Asia Director Mengistu Alemayahu in Washington on Wednesday.

Samarweera and a Finance Ministry delegation are currently in Washington attending the World Bank/IMF annual meetings. 

According to the ministry communiqué, wide range of discussion focused on ways and means of enhancing mutual co-operation to promote private sector contribution to the economic development of Sri Lanka, took place between Samaraweera and Alemayahu.

Samaraweera had also commended the co-operation extended by the IFC towards promoting private sector contribution for the development of the country’s economy at a time where the government has accorded high priority to private sector involvement in the economy by way of public private partnerships.

Alemayehu in response had said that the IFC would support infrastructure development, eco tourism and affordable housing in Sri Lanka.

IFC is the private sector arm of the World Bank Group, has its focus on the private sector, operating in more than 100 developing countries and applies lessons learned in one region to solve problems in another.  Sri Lanka joined the IFC since its inception in 1956 and it has so far committed over US $ 1.3 billion in the country.  IFC’s committed portfolio in Sri Lanka covers projects across a range of sectors including infrastructure, tourism, renewable energy, finance and healthcare. 

IFC also provides advisory services to promote sustainable growth among small and medium enterprises by facilitating access to finance and by offering capacity-building and training opportunities.