Ravi, Minister of Finance Asia-Pacific - The Banker magazine
The Minister of Finance, Finance Minister Ravi Karunanayake, was elected of the year for Asia and the Pacific by the prestigious magazine The Banker for his efforts to bring Sri Lanka to a new era of economic reform and change mentality. The banker a prestigious international financial publication published in London, among other things, select the finance minister of the year that has been most successful at boosting growth and stabilizing the US economy. Therefore, for 2016 Minister of Finance Ravi Karunanayake was chosen as Minister of Finance in 2016.
The banker said Karunanayake said an International Monetary Fund (IMF) loan program of $ 1,500 million that the country needed to avoid a balance of payments crisis, replenish reserves and restore the confidence of international investors.
The latest Sri Lanka bond issues on international capital markets suggest that Karunanayake has achieved its goal. In 2015, the sovereign issued a double-tranche bill of $ 1.5 billion, mostly
A year later, he printed a second bonus of the same size, with order books 6,600 million, despite the volatility of the markets after the UK voted to leave the EU.
Sri Lanka is also working on fiscal consolidation. The budget deficit Sri Lanka fell by 7% when Karunanayake took office in January 2015 to 5.4% in 2016, below expectations of 5.6%.
After a visit in September 2016, the IMF said that the tightening of fiscal and monetary policies of Sri Lanka has been effective and has achieved the objectives of the IMF program until the end of June here 2016.
According to the latest total revenue of Sri Lanka, the government rose from Rs. 1205 in 2014 to Rs. 1,461 million in 2015. Tax revenues increased from Rs. 1,050 million to Rs. 1,356 million in the same period. This is crucial for Sri Lanka, which has a very low tax-to-GDP ratio