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MINISTER AMUNUGAMA ADDRESSES THE 2004
ANNUAL MEETINGS OF THE BOARDS OF GOVERNORS OF THE IMF & WORLD
BANK
Deputy Secretary US Treasury expresses continued support for Sri Lanka’s development efforts Hon. Sarath Amunugama, Minister of Finance of Sri Lanka concluded a successful six day visit to the US, receiving assurances of support from senior officials of the IMF and the World Bank, and from the US Government. Minister Addresses the 2004 Annual Meetings of the IMF and the World Bank
The Minister addressed the 2004 Annual Meetings of the Boards of Governors of the IMF and the World Bank on October 3, 2004 in his capacity as Sri Lanka’s Governor to these two institutions. The panel presiding the meeting included Mr. Rodrigo de Rato, Managing Director of the IMF and Mr. James Wolfensohn, President of the World Bank. Focusing on economic and policy developments in Sri Lanka, the Minister emphasized the commitment of the new Government to pursue “pro-poor- pro-growth” initiatives within a consistent and sound macroeconomic framework defined by a close partnership between the Public and Private Sectors. He further emphasized the need to promote equitable distribution of the benefits of economic growth among the disadvantaged segments of Sri Lanka’s population. Meetings with Senior Officials of the IMF and the World Bank Minister Amunugama had successful discussions with senior officials from the World Bank and the IMF, including Shengman Zhang, Managing Director and Praful Patel, Regional Vice President of the World Bank, and Takatoshi Kato, Deputy Managing Director of the IMF. In the course of the discussions, the officials from the World Bank and the IMF expressed their continued support for Sri Lanka and indicated that the ongoing policy dialogue would be intensified.
Meetings with Key US Trade and Finance Officials The United States Trade Representative, Deputy Secretary of the
US Treasury and Chief Executive Officer of the Millennium Challenge
Corporation assured the visiting Minister of continued US support
for the country’s economic development efforts and for further
broadening and deepening the US-Sri Lanka trade and financial
relationship. Discussions with the United States Trade Representative (USTR)
Minister Amunugama met US Trade Representative Robert B. Zoellick
and Deputy USTR Ambassador Jossette Shiner, and had useful and
constructive discussions on broadening and deepening bilateral
trade, economic and investment relations between the two countries.
The Minister assured of the continuity and stability in Sri Lanka’s
present trade and economic policies. He further mentioned that
open market policies would be pursued with a special and targeted
emphasis on rural sector development. Ambassador Zoellick highlighted
the need to continue the present US-Sri Lanka dialogue under the
Trade and Investment Framework Agreement (TIFA ) process to move
forward on the bilateral trade and market access agenda. Meeting with Chief Executive Officer of the Millennium Challenge Corporation (MCC)
Meeting the Chief Executive Officer Mr. Paul Applegarth of the
Millennium Challenge Corporation, the Minister, while expressing
appreciation for Sri Lanka’s inclusion in the MCA assistance
program for FY 2004 and FY 2005, provided an overview of the Inter-Ministerial
Steering Committee established to guide the MCA process in Sri
Lanka. Informing the current status of the country’s MCA
proposal, the Minister highlighted the present need to pay greater
heed to the basic needs of the rural population in formulating
the country’s economic and development policy. Mentioning
that the bulk of the Sri Lankan population is engaged in the rural
economy, Minister Amunugama highlighted that Sri Lanka’s
MCA compact would seek to delineate viable programs to uplift
the rural economy by encouraging small and medium enterprises,
upgrading agriculture, intermediate technologies, irrigation and
fisheries, among other areas. Mr. Applegarth assured MCC assistance
and necessary feedback on the MCA proposal to enable Sri Lanka
to present a country compact that could be successfully negotiated
for funding later in 2004. US-Sri Lanka Bilateral Discussions at the Department of Treasury
In his meeting with Deputy Secretary Samuel Bodman at the US Department of Treasury, the Minister apprised the Deputy Secretary of the economic policies of the new Government, reiterating its desire to continue with pro-poor, pro-growth economic initiatives. Minister Amunugama received from Deputy Secretary Bodman firm assurances of continued US support towards Sri Lanka’s economic development programs especially towards the ongoing US Treasury technical assistance programs in country. Mr. Randall Quarles, Assistant Secretary for International Affairs of the Department of Treasury was also present at the meeting. The Finance Minister’s delegation included H.E. Mr. Devinda R. Subasinghe, Sri Lanka’s Ambassador to the United States, Mr. Sunil Mendis, Governor, Central Bank of Sri Lanka, Mr. Sumith Abeysinghe, Deputy Secretary to the Treasury, Ministry of Finance, Dr. (Mrs.) Ranee Jayamaha, Deputy Governor, Central Bank of Sri Lanka, Mr. P.D. Rodrigo, Appointed Member, Monetary Board of the Central Bank of Sri Lanka, Mr. R.A. Jayatissa, Assistant to the Governor, Central Bank of Sri Lanka, Dr. Uthum Herat, Alternate Executive Director, International Monetary Fund, Dr. H.N. Thenuwara, Director of Economic Research, Central Bank of Sri Lanka and Ms. Dhammika Semasinghe, First Secretary (Economic), Embassy of Sri Lanka in Washington DC. Embassy of Sri Lanka 04 October 2004 |
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