World Bank, IMF pledge support for Sri Lanka's economic development


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The two global lenders, World Bank and International Monitory Fund have pledged their support for Sri Lanka's economic development process, Minister of Finance Ravi Karunanayake said.

The heads of the two agencies have agreed to support Sri Lanka's programs during discussions held with Minister Karunanayake before the commencement of the Annual Meeting of World Bank and International Monitory Fund at Lima in Peru recently.

The Minister said that it is a real victory for the country that the World Bank and the International Monetary Fund had placed confidence in the country's economy.

The World Bank Representatives have promised to increase financial assistance provided to Sri Lanka. They have also agreed to extend support to improve economic productivity, export development, business development and investment promotion.

The World Bank Heads have said that they would provide technical support which is needed to accelerate Sri Lanka's economic development process.

The World Bank is currently provides more than US$ 400 million annually for development projects in Sri Lanka.

The senior officials of the IMF have also agreed to provide technical assistance to island nation to strengthen the island nation's economy. The IMF leaders noted that the confidence in Sri Lanka has strengthened.

The Annual Meetings of the International Monetary Fund and the World Bank Group each year bring together central bankers, ministers of finance and development, private sector executives, and academics to discuss issues of global concern, including the world economic outlook, poverty eradication, economic development, and aid effectiveness.

 

This year's Annual Meetings events take place in Lima, Peru, October 9-11, 2015.

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