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Minister Ravi Karunanayake en route to WB/IMF meeting will also visit Japan to join the Sri Lankan Prime Minister who is currently on an official visit to Japan (FILE PHOTO) Pic by Chandana Wijesinghe

Minister of Finance Ravi Karunanayake left the island this morning to attend the 2015 Annual Meetings of the World Bank Group (WB) and the International Monetary Fund (IMF) which will take place in Lima, Peru, from 9-11 October 2015, the Ministry of Finance said in a statement released today.

The Minister has been accompanied by the Governor of the Central Bank of Sri Lanka, Arjuna Mahendran and the Secretary to Treasury and the Ministry of Finance, Dr. R.H.S. Samarathunga.

“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 statement by the Ministry said.

Noting that Sri Lanka receives long term aid to the value of 400 million US Dollar annually from the WB/IMF, the statement said that the Finance Minister “will hold special discussions with World Bank/ IMF team on the aid provided to Sri Lanka” during his current visit.

The Annual Meeting of the WB will bring together ministers of finance and Central Bank governors from its 188 member countries. It will also provide an opportunity for a broad dialogue on issues of global economic importance.

Secretary to Ministry of Finance Dr Samarathunga said that WB/IMF provides Sri Lanka the long term credit with the repayment period up to 40 years and the grace period of seven years with 2 percent interest. Presently this aid is used in developing infrastructure facilities in different sectors of the economy.

Meanwhile, Finance Minister Ravi Karunanayake en route to WB/IMF meeting is also scheduled to visit Japan to join the Sri Lankan Prime Minister who is currently on an official visit to Japan where discussions will be held on economic and bilateral co-operation between the two countries.

Japan is a largest aid donor to Sri Lanka and the Sri Lanka team headed by Prime Minister Ranil Wickremasinghe is expected to hold talks on further improving the ties between the two countries in the field of economic co-operation and investment.