Finance Minister Ravi Karunanayake has been selected as the Finance Minister of 2016 for Asia-Pacific by the ‘The Banker’ magazine. The London-based publication has selected the finance minister who best managed to stimulate growth and stabilize the economy of their country.
According to The Banker, Karunanayake secured a 1.5 billion dollar IMF loan programme that the country needed to avoid a balance of payments crisis and restore 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 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.