News ≫ “Designer Budget” will focus on a Start-up culture of “Empowering the Private Sector”

“Designer Budget” will focus on a Start-up culture of “Empowering the Private Sector”

Oct 13, 2017
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Minister of Finance and Mass Media Mangala Samaraweera met the Director South Asia of the International Finance Corporation (IFC) of the World Bank – Mengistu Alemayehu in Washington on Wednesday, October 11th. Wide ranging discussions focused on ways and means of enhancing mutual co-operation to promote private sector contribution for the economic development of Sri Lanka.

Minister Samaraweera commended the co-operation extended by the IFC towards promoting the private sector contribution for the development of the country’s economy at a time where the government has accorded high priority to private sector involvement in the economy by way of Public-Private Partnerships.

Finance Minister Mangala Samaraweera who is scheduled to present his maiden Budget next month as the Minister of Finance, said that the budget aimed at creating a robust, flourishing and modern economy and would focus on a start – up culture of “empowering the private sector”. Following extensive deliberations with Minister Samaraweera and his delegation, IFC Director – Mengistu Alemayehu stated that the IFC will support infrastructure development, /Eco tourism – and affordable housing in Sri Lanka currently.

IFC is the private sector arm of the World Bank Group, has its focus on the private sector, operating in more than 100 developing countries and applies lessons learned in one region to solve problems in another. Sri Lanka joined the IFC since its inception in 1956 and it has so far committed over 1.3 billion USD in Sri Lanka. IFC’s committed portfolio in Sri Lanka covers projects across a range of sectors, including infrastructure, tourism, renewable energy, finance and healthcare.

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