Ravi bids adieu to Sri Lanka finance ministry staff
May 22, 2017 18:02 PM GMT+0530 | 1 Comment(s)
ECONOMYNEXT - Sri Lanka's ex-Finance Minister Ravi Karunanayake had met ministry officials and personal staff to bid farewell and thank them before taking office as the country's new Foreign Minister.
Minister Karunanayake had thanked the officers and personal staff saying they had given him strength to work and help the country. In the foreign ministry, he also had a broad responsibility to work for the country internationally and domestically, the minister had said.
Sri Lanka's rupee fell from 131 to below 150 to the US dollar during his tenure mainly due to money printed to finance a large salary hike and subsidies in a 2016 budget.
However, the economy had stabilized after rates were hiked to reduce money printing, and the minister pushed through unpopular tax reforms get state finances back on track.
The tax administration has also improved with greater computerization under his tenure. The budget deficit, which surged in 2015, is now narrowing. (Colombo/May17/2017)