Ravi to receive best Finance Minister of the Year award

Ravi Karunanayake

Finance Minister Ravi Karunanayake was selected as the Finance Minister of the Year for Asia-Pacific – 2017 by a prestigious London based ‘The Banker’ magazine for his efforts to steer Sri Lanka into a new era of economic reform and a change of people’s mindset.

He is to receive the award at a ceremony to be held on March 24 in London. Karunanayake is scheduled to leave the country for this event today.

The Banker, an international financial publication published in London, selected Ravi Karunanayake as the finance minister of the Year for Asia-Pacific 2017, for his efforts to best manage, stimulate growth and stabilize the economy of Sri Lanka.

‘The Banker’ said Karunanayake secured to avoid a balance of payments crisis, replenish reserves and rebuild confidence among international investors.

In addition, the magazine reported that Karunanayake, in his capacity as the subject minister was able to drop the country’s budget deficit to 5.4 percent in 2016 from 7 percent in 2015 after he assumed office in January 2015. This is below the targeted expectations of 5.6 percent, the Magazine stated.

Sri Lanka’s national income grew to Rs. 1,461 billion in 2015 from Rs.1,205 in 2014. Tax revenue rose to Rs.1, 356 billion from Rs.1, 050 billion in the same period. A perception was 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 tax instead of relying on the Government for everything. As a result, Sri Lanka’s tax records have grown from 700,000 files in January 2015 to 1.4 million in 2017.

“The Banker” magazine presents these annual awards by assessing the contribution made towards economic development. Best Finance Minister, Best Central Bank, Best Bank, Best Investment Bank, Best regional finance ministers are some of the awards in the line-up.

(Source: Daily News)