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World Bank, IMF assures support for Sri Lanka’s fiscal policy reforms

(UDHAYAM, COLOMBO) – The World Bank and the International Monitory Fund have commended the progress of Sri Lanka’s economic development process and assured support for the island nations fiscal policy reforms and economic growth.

The global lenders emphasized their commitment to strengthen Sri Lanka’s economy during discussions held by the Finance Minister Ravi Karunanayake with the representatives of those organizations on the sidelines of the 2017 Spring Meeting of the World Bank (WB) and International Monetary Fund (IMF) in Washington.

Deputy Managing Director of the IMF Mitsuhiro Furusawa during a meeting with the Finance Minister emphasized that the IMF remains a committed partner for Sri Lanka through their regular policy dialogue and technical support. Also discussed were the extensive reforms to IMF surveillance activities and financing facilities in recent years to make them better tailored to individual country needs.

Vice President of the World Bank Annette Dixon meeting with Minister Karunanayake commended Sri Lanka’s economic development process. She said that Sri Lanka will get the assistance of the World Bank to strengthen its economy. During discussions, the WB official agreed to send a special investigation team of the World Bank to look into the solid waste management in the country.

According to the Ministry of Finance, development initiatives, trade not aid, private public partnerships, debt management and eradicating poverty in Sri Lanka were the key topics for Finance Minister and his team at meetings with the global lenders.

During discussions, Minister Karunanayake has outlined the business-friendly policies adopted by the Government of Sri Lanka to position the country as the gateway to Asia.

The Sri Lankan Finance Minister Ravi also held discussions with Executive Director – IMF Dr. Subir Vithal Gokarn, who represents India, Bangladesh, Sri Lanka and Bhutan on the Washington-based IMF’s Executive Board, Chair of the Board of Governors of the U.S. Federal Reserve Board Jennet Yellen, Director of Asia and Pacific Department, IMF Changyong Rhee, and the Australian Finance Minister Mathias Cormann on the sidelines of the summit.

Progress of Sri Lanka’s economy and debt management were crucial part of the discussions and the Finance Minister said discussions were successful. Treasury to the Ministry of Finance, Dr. R.H.S. Samaratunga, and Sri Lanka’s ambassador to the U.S. Prasad Kariyawasam also were present during the discussions.

Minister Karunanayake also took part in 97th meeting of the Ministers of the Intergovernmental Group of Twenty-Four (G24) on International Monetary Affairs and Development serving as First Vice-Chair of the group.

The 2017 Spring Meeting of the World Bank and the International Monetary Fund, which commenced on the 18th will conclude Sunday 23rd April.

Courtesy: Colombo Page

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