Ravi named Finance Minister of year, Asia-Pacific

2017-01-10 12:51:56

Finance Minister Ravi Karunanayake has been selected as the Finance Minister of the Year for Asia-Pacific by the prestigious ‘The Banker’ magazine for his efforts to steer Sri Lanka into a new era of economic reform and a change of mindset, the Finance Ministry today said.

The Banker is an international financial publication published in London and it selects finance ministers who have best managed to stimulate growth and stabilize the economy of their countries.  
Accordingly, Sri Lankan Finance Minister Ravi Karunanayake has been selected for the 2016.  

According to a statement issued by the ministry, The Banker has said Karunanayake secured a $ 1.5 billion International Monetary Fund (IMF) loan program that the country needed to avoid a balance of payments crisis, replenish reserves and rebuild confidence among international investors.

Sri Lanka’s latest bond issues in the international capital markets suggest Karunanayake has indeed reached his objective. In 2015, the sovereign issued a $ 1.5 billion dual-tranche note.

A year later, it printed a second bond of the same size, with order books of $ 6.6 billion, despite market volatility after the UK voted to leave the EU.

Sri Lanka is also working towards fiscal consolidation. Sri Lanka’s budget deficit has dropped from 7% when Karunanayake took office in January 2015 to 5.4% in 2016 – below the targeted expectations of 5.6%.

After a visit in September 2016, the IMF said Sri Lanka’s tightening of fiscal and monetary policies has been effective and that it met the IMF program’s targets through to the end of June 2016.

According to latest Sri Lanka’s total government revenue grew from Rs. 1205 in 2014 to Rs. 1,461 billion in 2015. Tax revenue rose from Rs. 1,050 billion to Rs. 1,356 billion in the same period. This is crucial for Sri Lanka, which has a very low tax revenue-to-gross domestic product ratio.

To raise tax revenue further, Parliament passed a bill to increase value-added tax from 11% to 15%. Karunanayake is also keen to continue simplifying the tax system as well as change people’s mindset towards taxes.

But even without expected revenue from the increased VAT due to its late implementation the Finance ministry was able to increase the national revenue to 13.5% the GDP in 2016 from 11.4% in 2014 thus making it possible to cover the recurrent expenditure.

The gout inculcated in the minds of the people that paying taxes is not something bad, but a must for the country. Every person needs to pay a reasonable charge instead of relying on the Government for everything. As a result, Sri Lanka’s tax records have grown from having 700,000 files in January 2015 to having 1.4 million today, the statement said.

  Comments - 34

  • DHA Tuesday, 10 January 2017 13:01

    Haaaaaa the best joke ever.....

    Reply : 76       186

    COOLGOOSE Tuesday, 10 January 2017 13:17


    Reply : 114       115

    Asanka Tuesday, 10 January 2017 15:34

    @ coolgoose you must be kidding here, they are offering bc of getting IMF loan and imposing taxes for poors,

    Reply : 24       55

    NJ Tuesday, 10 January 2017 13:14

    Now at least people should understand that a minister had done some work. Our people are always there to criticize towards somebody. No one to appreciate. Good Job Ravi - way to go.

    Reply : 129       109

    ANTON Tuesday, 10 January 2017 13:18


    Reply : 79       148

    NP Kelaniya Tuesday, 10 January 2017 13:18

    Just imagine what type of jokers the other Finance Ministers may be

    Reply : 51       132

    Saumya Tuesday, 10 January 2017 13:18

    ha ha ha, just as i was running out of a joke for the day, lol...

    Reply : 50       106

    Prathap Tuesday, 10 January 2017 14:57

    I always loved you

    Reply : 22       14

    Sasanka Harshana Tuesday, 10 January 2017 13:20

    Asia is doing well in the economic aspect. This is further proof.

    Reply : 29       56

    roger Tuesday, 10 January 2017 13:23

    Congratulations to you and your team Mr RK!!!!!!!!!!!!!!! but kindly keep communication channels to the public loud and clear with policy changers so we can much appreciate your service to the motherland

    Reply : 54       69

    NEWS Tuesday, 10 January 2017 13:23

    Good news or Fake news ?

    Reply : 16       58

    gobbaya Tuesday, 10 January 2017 13:24

    the government tax revenue increased by Rs 306 Bn whereas the govt revenue increased only by Rs 256 Bn which means there is a decrease of Rs 50 Bn in non tax revenue.....govt just burdening the masses to coverup their inefficiencies.....pathetic...!!!anyone can be a FM like that.......!!!furthermore what are the parameters used for the evaluation?? if Asia Pacific the award should go to Mrs Sri Mulyani for her achievements in reviving the Indonesian economy which was not done by squeezing the masses with taxes and more taxes.....!!!

    Reply : 28       59

    TJ Tuesday, 10 January 2017 13:27

    This is the joke of the year

    Reply : 29       80

    gobbaya Tuesday, 10 January 2017 13:34

    the tax revenue has increased by 396Bn but govt revenue increase only 256Bn which means govt non tax revenue has the masses are being penalised not only for increasing govt expenditure in the form of perks to politicians but also for govt inefficiencies.....if this is how the government manages its budget a housewife can do better.....patheticwhat are the parameters used for awarding the titleif asia pacific by right is should go to Mrs Sri Mulyani of Indonesia for reviving the indonesian economy and she did it not by taxing the masses until suffocation.... via DM Android App

    Reply : 15       27

    dana Tuesday, 10 January 2017 13:38

    joke OK the year via DM Android App

    Reply : 16       37

    XYZ Tuesday, 10 January 2017 13:42

    Next may be Arjun Mahendran as the Best Central Bank chief.

    Reply : 14       87

    Hiran Tuesday, 10 January 2017 13:44

    So basically Ravi has become the finance minister by securing more foreign borrowing and imposing crushing taxes on the people to fund those borrowings. Congratulations sir !!!

    Reply : 13       50

    Raz Tuesday, 10 January 2017 13:46

    For jokers this is a joke via DM Android App

    Reply : 12       37

    Jagath Leanage Tuesday, 10 January 2017 13:52

    O.m.g. We didnt knew asia pacific is so bankcrupt.

    Reply : 13       50

    walter Tuesday, 10 January 2017 13:58

    I wonder any banking institution in Sri Lanka who generally boast about their The Banker awards will hereafter even talk about

    Reply : 3       35

    Kadmin Tuesday, 10 January 2017 13:59

    Give credits where it dues. Congrats and keep up the good work.

    Reply : 39       29

    Kilinochchi paatalayoo Tuesday, 10 January 2017 14:03

    He must have received this title during 2002-2003 when he joked our armed forces saying that they are going to Madwachhiya, not to Kilinochchiya. Haha..

    Reply : 12       39

    Sanje Tuesday, 10 January 2017 15:09

    The way last era eroded the funds (Its evident Govt banks non performance loan ratios) before 2015 and how it had bn brought down with stringent fiscal policy. The truth is bitter, Whatever said he seems to have brought some discipline without bending to all walks if life.

    Reply : 14       17

    kukula Tuesday, 10 January 2017 15:11

    MR former minister of finance your comments please.

    Reply : 16       21

    kan Tuesday, 10 January 2017 15:22

    Best FM for the year 2016 for burdening masses with high cost of living and filling the pockets of MPs.

    Reply : 7       31

    shanthapriya Tuesday, 10 January 2017 16:04

    Also "the governer of all banks in asia of the year" should go to Arjun Mahaendran

    Reply : 5       29

    shanthapriya Tuesday, 10 January 2017 16:05

    This is how EC countries cheat us

    Reply : 5       20

    Nilame Tuesday, 10 January 2017 16:42

    Is it like the VOLKVAGANN factory ? Tomorrow we might here that this news is false.

    Reply : 7       26

    NAF Tuesday, 10 January 2017 16:59

    Best comedian Actor

    Reply : 5       28

    ronny Wednesday, 11 January 2017 07:01

    maan... Asia-Pacific must be so screwed up!!!

    Reply : 0       14

    rosebud Wednesday, 11 January 2017 14:08

    Ive lost all respect for The Banker as of now. Shameful nomination. via DM Android App

    Reply : 0       8

    Abbey Wednesday, 11 January 2017 19:21

    Any positive comment from anyone? Then you know the truth? There is a waste of readers' time. Pal Horunta yana kala Lankawe???

    Reply : 0       5

    derrick Monday, 16 January 2017 11:34

    Is the Banker is Bankrupt

    Reply : 0       1

    janaki Wednesday, 26 July 2017 15:18

    Somebody to challange this award procedure is not born yet, I presume.

    Reply : 0       1

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