Finance Minister aims to increase annual aid from IMF, WB

Ravi-Karunanayake

Oct 05, 2015 (LBO) – Sri Lanka’s Finance Minister Ravi Karunanayake who left the island to attend the 2015 Annual Meetings of the World Bank Group and the IMF is currently aiming at increasing annual aid to Sri Lanka.

Sri Lanka receives long term aid of 400 million US Dollars annually from these two institutions, the Finance Ministry said in a statement.

“WB/IMF provides Sri Lanka long term credit with the repayment period up to 40 years and the grace period of seven years with 2 percent interest,” Treasury Secretary Dr Samarathunga said.

Presently this aid is used in developing infrastructure facilities in different sectors of the economy, the Finance Ministry said.

The ministry said Minister Karunanayake will hold special discussion with World Bank and IMF team on the aid provided to Sri Lanka.

“This year’s discussion by Minister Ravi Karunanayake with the IMF team is aimed at increasing the annual aid to Sri Lanka towards more areas of activities.” the Ministry said.

The Minister was accompanied by the Central Bank Governor and Treasury Secretary.