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Sri Lanka to set up EXIM Bank

ECONOMYNEXT – Sri Lanka will set up an export import bank with a capital of 25 billion rupees to promote exports, Finance Minister Ravi Karunanayake said.

The proposed EXIM Bank will be set up with private partnership, he told parliament presenting a budget for 2016.

The EXIM Bank is planned to be in operation by April 2016, he said.

An Exim Bank is a useful mechanism to shovel taxes collected from ordinary people into big business.

In most countries Exim Banks are completely state owned, and give subsidized credit and other priviledges to some businesses at the expense of the general population and also at the expense of more competitive businesses, who do not rely on such priviledges.

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