Sri Lanka has full support of WB, IMF says Finance Minister

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Oct 12, 2015 (LBO) – Sri Lanka has the full support of the World Bank and the International Monetary Fund, Finance Minister Ravi Karunanayake said after attending Annual Meetings of the two institutions in Lima, Peru.

“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 was quoted by media as saying.

Sri Lanka will seek support from the IMF as a last resort to boost foreign reserves which have fallen this year, Karunanayake told Lanka Business Online recently.

Sri Lanka will receive assistance for sectors including education, health infrastructure and women’s empowerment based on proposals in the budget, he added.

At the meetings, the IMF Managing Director Christine Lagarde said the global economy is going through a period of change.

“Uncertainty over the global economy is on the minds of policymakers in all countries, including here in Peru,” said Lagarde.

“We are no longer in an economic crisis, but this is a time of change. Old paradigms no longer hold, new economic relationships emerge. This means it is also a time of opportunity and action,” she added.