Sri Lanka finance minister feted by UK magazine

ECONOMYNEXT – UK-based ‘The Banker’ magazine has selected Sri Lanka’s Ravi Karunanayake as the Finance Minister of the Year for the Asia-Pacific region.

The finance ministry said, The Banker had noted that the budget deficit was bought down to 5.4 percent in 2016 from over 7.0 percent in 2015.

He also forged a deal with the International Monetary Fund to get over a balance of payments crisis.

Karunanyake had boosted tax revenues to 13.5 percent of gross domestic product in 2016, from 11.4 percent.

Sri Lanka’s budget deficit, which was down to 5.7 percent in 2014, deteriorated to 7.4 percent in 2015 and the Central Bank printed money to accommodate it, driving the country into a balance of payments crisis. (Colombo/Jan10/2016)

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