WB, IMF extend unconditional support to revive economy: Ravi K

Finance Minister Ravi Karunanayake

The World Bank and the International Monetary Fund (IMF) have expressed their readiness to extend financial assistance to revive the Sri Lanka’s economy, Finance Minister Ravi Karunanayake said yesterday. 

Following the Annual Meeting of the World Bank and IMF in Lima, Peru, he said the two international lenders had agreed to extend unconditional support for Sri Lanka’s development initiatives.

The Minister asserted that heads of the World Bank and IMF had assured fullest support to bring about genuine changes in the sphere of socioeconomic development in the country concurrent to the changes in the political arena of Sri Lanka.

“I must reiterate that we are not subject to any conditions imposed by the World Bank and the IMF. In fact, they support us on our conditions and not on theirs,” he stressed.

He said that the financial support would mainly be channelled for education, health infrastructure, women’s empowerment and ensuring better prospects for young men and women.

“This is a golden opportunity for Sri Lanka. They have been closely watching the success achieved on the political front. We are ready with our set of proposals and I have no doubt that they will respond positively to them,” Karunanayake noted.



Noting that World Bank and IMF had to study Sri Lanka’s proposals first, he said it was difficult to predict the amount the country would receive. “It is difficult to predict exactly how much we are getting.”

In addition, the two lenders have assured to support and uplift economic productivity, export sector, enterprises, business environment and investment promotional activities.  

He went on to say that in the past, the country was pledged support based on various conditions, but now they supported us by looking at our program.

On the sidelines of the meeting, the Finance Minister attended a number of discussions in addition to the main conference. 

Karunanayake held discussions with World Bank’s Senior Vice President – Operations, Kyle Peters and World Bank Vice President for South Asia Region Annette Dixon on financing future development program for Sri Lanka.

The Minister attended Group of 24 (G-24) Ministers and Governors Meeting on 8 October and was elected as the Vice Chair of the Group. 

At this occasion, Minister Karunanayake assured that Sri Lanka would also contribute to the strengthening of G 24.

The governing body of the G24 – Intergovernmental Group of Twenty-Four countries on International Monetary Affairs and Development meets twice a year, preceding the Spring and Annual meetings of the International Monetary and Financial Committee and the Joint Development Committee of the World Bank and the International Monetary Fund.  

The Minister held bilateral meetings with South African Finance Minister Nhlanhla Nene and Indian Finance Minister Arun Jaitly. He also held discussions with senior officials of the US Treasury, Asian Development Bank (ADB) and IMF.

Karunanayake also had a meeting with the Commonwealth Secretary General Kamalesh Sharma on matters of mutual interest.

Finance Ministers representing 188 countries attended the Annual Meeting of the World Bank and IMF held in Lima, Peru from 9 to 11 October.

The Minister said that he held a number of meetings with world-renowned investors and fund managers who showed interest in supporting Sri Lanka’s development initiatives under the new Government.

The Sri Lankan delegation led by Finance Minister was accompanied by Treasury Secretary Dr. R. H. S. Samaratunga, Central Bank Deputy Governor Dr. Nandalal Weerasinghe, Central Bank Director Economic Research K. Mahinda Siriwardena,  External Resources Department Additional Director General Ajith Abeysekera and Embassy of Sri Lanka in the US Commercial Attaché Bandula Somasiri.