Banker magazine picks Ravi as Finance Minister of the year, Asia Pacific

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Jan 10, 2017 (LBO) – Finance Minister Ravi Karunanayake has been selected as the Finance Minister of 2016 for Asia-Pacific by the prestigious ‘The Banker’ magazine.

‘The Banker’ published in London has selected the finance minister who best managed to stimulate growth and stabilize the economy of their country.

The magazine says crucially, Karunanayake secured a 1.5 billion dollar IMF loan programme that the country needed to avoid a balance of payments crisis, replenish reserves and rebuild confidence among international investors.

In 2015, Sri Lanka issued a 1.5 billion dollars dual-tranche note which is the largest since 2007.

A year later, the country printed a second bond of the same size, with order books of 6.6 billion dollars, despite market volatility after the UK voted to leave the EU.

In terms of Sri Lanka’s fiscal consolidation, the budget deficit has dropped from 7 percent when Karunanayake took office in January 2015 to 5.4 percent in 2016 – below the targeted expectations of 5.6 percent.

‘The Banker’, a magazine of the British daily Financial Times, has named Latvian Finance Minister Dana Reizniece-Ozola the Finance Minister of the Year in Europe.

The Finance Minister of the Year in the Middle East is Anas Al-Saleh from Kuwait while the Finance Minister of the Year in Africa is Pravin Gordhan from South Africa.