Finance Minister to ask for more IMF aid
6 October 2015 03:09 am
Sri Lanka’s Finance Minister Ravi Karunanayake is to ask for more aid from the International Monetary Fund (IMF) during the Annual Meeting of the World Bank (WB) Group and the IMF, which will take place in Lima, Peru from October 9 to 11.
A Finance Ministry statement yesterday said Minister Karunanayake, Central Bank Governor Arjuna Mahendra and Finance Ministry Secretary Dr. H.A.S. Samarathunga had already left for Peru.
The statement said Minister Karunanayake will hold special discussions with the WB/IMF teams on the aid provided to Sri Lanka.
Sri Lanka receives long-term aid to the value of US $ 400 million annually from the World Bank/IMF.
“This year’s discussion by Minister Ravi Karunanayake with the IMF team is aimed at increasing the annual aid to Sri Lanka towards more areas of activities,” the statement noted.
Finance Ministry Secretary Dr. Samarathunga said that the WB/IMF provides Sri Lanka long-term credit with the repayment period up to 40 years and the grace period of seven years with 2 percent interest.
Presently, this aid is used in developing infrastructure facilities in different sectors of the economy.
The Annual Meeting of the WB brings together finance ministers and central bank governors from its 188 member countries. It provides a unique opportunity for a broad dialogue on issues of global economic importance. It also serves as a platform 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.
Minister Karunanayake en route to the WB/IMF meeting also visited Japan to join the Sri Lankan Prime Minister, who is currently on an official visit to Japan, where discussions will be held on economic and bilateral co-operation between the two countries.
Minister Karunanayake en route to the WB/IMF meeting also visited Japan to join the Sri Lankan Prime Minister, who is currently on an official visit to Japan, where discussions will be held on economic and bilateral co-operation between the two countries.
Japan is the largest aid donor to Sri Lanka and the Sri Lanka team headed by Prime Minister Ranil Wickremasinghe is expected to hold talks on further improving the ties between the two countries in the fields of economic co-operation and investment.