IMF concludes New Delhi conference taking stock of Asia’s strong economic performance
The International Monetary Fund has taken stock of Asia’s strong economic performance and its ongoing policy challenges in the space of an increasingly uncertain global economic environment during deliberations at a 2-day conference on “Advancing Asia: Investing for the Future” which concluded in New Delhi last Sunday.
IMF Director Christine Lagarde told a media conference at Taj Palace New Delhi that constructive discussions among Finance Ministers, central bank governors, economists and top officials were held on how to maintain and enhance the Asian region’s high growth record while boosting jobs , reducing inequality accelerating infrastructure and human capital development.
Participating in the concluding session, Central Bank Governor Arjuna Mahendran noted that Sri Lanka‘s Micro Finance Institutions (MFI’s) are to be regulated with the enactment of new legislations in parliament shortly.
Strengthening the regulatory framework governing the microfinance sector and client protection is also crucial for improving financial inclusion in Sri Lanka. Much scope remains to improve financial inclusion, particularly related to cost and quality of financial services provided, and the sustainability of financial institutions, he added.
Mr. Mahendran said that a larger share of households in Sri Lanka accesses multiple financial institutions for their credit and savings needs. The use of insurance services, ATM facilities, e-payments, and mobile banking, is increasing rapidly, he said.
The concluding session examined ways to maintain stability while ensuring continued growth and opportunity, and look at financial inclusion in Asia, gaps in access to finance, modes of infrastructure finance, and policies to address barriers to greater inclusion.