Ravi K discusses WB support for Sri Lanka

Finance Minister Ravi Karunanayake with Director Strategy and Operations of the World Bank in charge of the South Asian Region, Akihiko Nishio, and World Bank Country Director Françoise Clottes

Finance Minister Ravi Karunanayake last week met with World Bank’s Director Strategy and Operations in charge of the South Asian Region Akihiko Nishio to discuss the Bank’s contribution and strategic planning in respect to Sri Lanka’s economic development programs. 

Minister Karunanayake pointed out that due to the prevailing beneficial environment in the country for business, foreign investors could come to Sri Lanka without any hesitation to launch their ventures here. 

He also noted that the indicators of the World Bank reflecting this favourable situation would stand Sri Lanka in good stead among international investors.  

The Finance Minister pointed out that the trust reposed by the World Bank in Sri Lanka had been further strengthened after the new Government assumed office. 

The Bank’s consistent and enhanced contribution towards Sri Lanka’s economic development came in for high praise from Minister Karunanayake. Finance Ministry said the latest World Bank reports have underscored Sri Lanka’s increasing flexibility for business opportunities. 

According to the year-on-year comparisons of the newly-released data of the World Bank, the availability of opportunities and background for business and investment in Sri Lanka as against other countries in the South Asian region will be far more favourable in 2016 than in 2015. 

In 2015, the ease of doing business in Sri Lanka was 57.5%. The World Bank predicts that this will go up to 58.96% in 2016. 

In the overall list, Sri Lanka is currently ranked 113th in the ease of doing business index and it is expected to improve to 107 in 2016, indicating a more favourable and friendly business environment for investors.  India and the Maldives are ranked 128th and 130th respectively and only Bhutan, which is ranked 71, and Nepal, occupying the 99th slot, are above Sri Lanka amongst the South Asian countries.