Sri Lanka is a founding member of the Non-Aligned Movement (NAM). While ensuring that it maintains its independence, Sri Lanka has cultivated relations with India. Sri Lanka became a member of the United Nations in 1955. Today, it is also a member of the Commonwealth, the SAARC, the World Bank, the International Monetary Fund, the Asian Development Bank, and the Colombo Plan. One of the two parties that have governed Sri Lanka since its independence, the United National Party, has traditionally favoured links with the West, while its left-leaning counterpart, the Sri Lanka Freedom Party, has favoured links with the East. Sri Lankan Finance Minister J. R. Jayewardene, together with then Australian Foreign Minister Sir Percy Spencer, proposed the Colombo Plan at the Commonwealth Foreign Minister\’s Conference held in Colombo in 1950.At the San Francisco Peace Conference in 1951, while many countries were reluctant, Sri Lanka argued for a free Japan and refused to accept payment of reparations for World War II damage because it believed it would harm Japan\’s economy.Sri Lanka-China relations started as soon as the PRC was formed in 1949.