Finance Minister comments on IMF and WB meetings

Finance Minister comments on IMF and WB meetings

Written by Staff Writer

11 Oct, 2015 | 9:22 pm

The annual and spring meetings of the International Monetary Fund and the World Bank group which commenced on October 9  in ima, Peru, concluded today, with the attendance of finance ministers and central bank governors from around 180 countries and regions.

On the final day of the meetings, the focus shifted to the obstacles to ending extreme poverty and boosting shared prosperity, climate change, weak global growth, and ongoing crises in fragile states.

In its communiqué, the Development Committee said economic risks have risen for 2015 and 2016, weighing on confidence in many developing countries.

One pressing global issue that drew particular attention was the global crisis surrounding refugees and migrants.

The Development Committee, in the communiqué, said the crisis requires “targeted support” for “countries and regions in turmoil, especially in the Middle East and North Africa, but also in other fragile and conflict states.”

It also urged the Bank Group and IMF to help countries stem illicit finance and the underlying activities, including tax evasion, corruption, criminal activities, and collusion, that deprive developing countries of vital resources they need.

IMF Managing Director Christine Lagarde stressed on the importance of social and climate issues as an integral part of social development goals.

World Bank President Jim Yong Kim said the world’s wealthiest countries will most likely be able to reach the goal of providing 100 billion U.S. dollars a year by 2020 to help developing countries fight climate change.

Minister of Finance Ravi Karunanayake said that because Sri Lanka has high political recognition we received a good opportunity where a certain amount of interest among the international community is ready to give us assistance.

He added:

What we made clear and direct at this occasion was the fact that apart from us gaining any benefit, we do not intend on obtaining any conditions based loans.

The Minister went onto note that he constantly reiterated that there have been misconceptions, that through the funds of the World Bank and the IMF, the people would be deprived of their benefits.

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