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The Banker mag picks Ravi K as Finance Minister of the Year, Asia-Pacific 2016

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The Banker mag picks Ravi K as Finance Minister of the Year, Asia-Pacific 2016

Post by sashimaal on Tue Jan 10, 2017 4:05 am

Finance Minister Ravi Karunanayake has been selected as the Finance Minister of the Year for Asia-Pacific by the prestigious The Banker magazine for his efforts to steer Sri Lanka into a new era of economic reform and a change of mindset.dft-1-41

The Banker says Karunanayake secured a $ 1.5 billion International Monetary Fund (IMF) loan program that the country needed to avoid a balance of payments crisis, replenish reserves and rebuild confidence among international investors.

“We were not desperate to go to the IMF. But [to others], securing an IMF loan [is a mark of] financial discipline, so our prime objective was achieved. We wanted to show that it is best to have abundance of prudence,” says Karunanayake.

Sri Lanka’s latest bond issues in the international capital markets suggest Karunanayake has indeed reached his objective. In 2015, the sovereign issued a $ 1.5 billion dual-tranche note – its largest since 2007. A year later, it printed a second bond of the same size, with order books of $ 6.6 billion, despite market volatility after the UK voted to leave the EU.

In line with the IMF program, Sri Lanka is also working towards fiscal consolidation. Sri Lanka’s budget deficit has dropped from 7% when Karunanayake took office in January 2015 to 5.6% in 2016 – just below expectations.

After a visit in September 2016, the IMF said Sri Lanka’s tightening of fiscal and monetary policies has been effective and that it met the IMF program’s targets through to the end of June 2016.

Meanwhile, Sri Lanka’s total government revenue grew from Rs. 1,195 billion ($ 8 billion) in 2014 to Rs. 1,455 billion in 2015. Tax revenue rose from Rs. 1,050 billion to Rs. 1,356 billion in the same period. This is crucial for Sri Lanka, which has a very low tax revenue-to-gross domestic product ratio.

To raise tax revenue further, Parliament has passed a bill to increase value-added tax from 11% to 15%. Karunanayake is also keen to continue simplifying the tax system as well as change people’s mindset towards taxes.

“We have inculcated in the minds of the people that paying taxes is not something bad, but a must for the country. Every person needs to pay a reasonable charge instead of relying on the Government for everything,” he says. As a result, Sri Lanka’s tax records have grown from having 700,000 files in January 2015 to having 1.4 million today. (Colombo Gazette)

- See more at: http://www.ft.lk/article/590577/The-Banker-mag-picks-Ravi-K-as-Finance-Minister-of-the-Year--Asia-Pacific-2016#sthash.rw8M9sDF.dpuf
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Re: The Banker mag picks Ravi K as Finance Minister of the Year, Asia-Pacific 2016

Post by sashimaal on Tue Jan 10, 2017 4:11 am

April 1st is not around the corner Shocked
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Re: The Banker mag picks Ravi K as Finance Minister of the Year, Asia-Pacific 2016

Post by soileconomy on Tue Jan 10, 2017 7:22 am

Don't know how much he paid for it ?

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Re: The Banker mag picks Ravi K as Finance Minister of the Year, Asia-Pacific 2016

Post by Yin-Yang on Tue Jan 10, 2017 9:26 am

Don't worry mates.

Banker choose two parties under each category, the best one and the ++++.
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Re: The Banker mag picks Ravi K as Finance Minister of the Year, Asia-Pacific 2016

Post by කිත්සිරි ද සිල්වා on Tue Jan 10, 2017 9:34 am

Prophet Mohammad was once not recognised in his own home land. Shocked
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Re: The Banker mag picks Ravi K as Finance Minister of the Year, Asia-Pacific 2016

Post by Rana on Tue Jan 10, 2017 10:34 am

lol! lol! lol! lol!

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Re: The Banker mag picks Ravi K as Finance Minister of the Year, Asia-Pacific 2016

Post by sashimaal on Tue Jan 10, 2017 1:06 pm

On a different note, Home town/country not accepting/recognizing is a common aspect for any such Religious Leader  Smile

කිත්සිරි ද සිල්වා wrote:Prophet Mohammad was once not recognised in his own home land. Shocked
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Re: The Banker mag picks Ravi K as Finance Minister of the Year, Asia-Pacific 2016

Post by කිත්සිරි ද සිල්වා on Tue Jan 10, 2017 1:17 pm

Time for him to think of " වැඩ නොකර මෙහෙම නම්බුනාම ලැබෙනවානම් වැඩ කරලා පෙන්නුවෙත් මොනවා නොලැබෙය්ද් " line now. Very Happy
sashimaal wrote:On a different note, Home town/country not accepting/recognizing is a common aspect for any such Religious Leader  Smile

කිත්සිරි ද සිල්වා wrote:Prophet Mohammad was once not recognised in his own home land. Shocked
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Re: The Banker mag picks Ravi K as Finance Minister of the Year, Asia-Pacific 2016

Post by Yin-Yang on Tue Jan 10, 2017 1:43 pm

This shows how good other FM s in the region are.
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