Lanka joins another imperialist bank
The Cabinet has decided to accept an invitation made by the Chinese President to join a new financial institution named, ‘Asian Infrastructure Investment Bank’ as an inaugurating member. Sri Lanka is already an inaugurating member of the International Monetary Fund (IMF) and the World Bank, two of the biggest imperialist financial institutions. The task of the new bank will be to give resources needed to remove financial obstacles faced by Asian countries. This bank is likely to award loans for infrastructure development projects like road development. Conditions of the IMF and the World Bank when giving out loans have come under special attack in Sri Lanka. It is reported that 22 countries including China have agreed to the new bank.
In the past years, China become a top country that loans money with interested for development projects and the new bank is expected to make it more formal. The President as the Minister of Finance has presented this proposal to the Cabinet.