Sri Lanka’s economic fundamentals strong - Foreign Minister
LONDON: Sri Lanka though embroiled in a conflict associated with
terrorism has achieved significant development by having the
macro-economic fundamentals in place, and thereby being able to properly
manage both internal and external shocks, Foreign Minister Rohitha
Bogollagama said.
Addressing the plenary session of the Multi-stakeholder Workshop on
Debt, Finance and Emerging Issues in Financial Integration at
Marlborough House, London on Tuesday, the Minister appreciated the
private sector’s energies in contributing to Sri Lanka’s resilience to
the negative aspects in economic activity and development.
Acknowledging that private sector led investments in Sri Lanka have
played a leading role specially in the development of the South, he
stated that the Government was making every effort to attract foreign
and local capital into conflict affected areas. Bogollagama’s suggestion
that attracting investment into regions with conflict be a subject for
the next review on the Monterrey Consensus was agreed by other speakers
at the session.
The Foreign Minister underscored the importance of interventions in
the facilitation of attracting foreign direct investment. He observed
that the developed international community should support the developing
countries to create a favourable environment to expand market access,
enhance technical assistance for capacity building and directing
financial leverage for improving the latter’s infrastructure.
With regard to debt relief, the Minister emphasised the need for
international financial institutions to take into account, changes in
economies due to natural catastrophes, adverse terms of trade or
conflicts when making related policy recommendations.
While upholding Sri Lanka’s experience following the tsunami and
being confronted with the threat from terrorism, he urged the analysis
of country case studies on debt relief disbursements in preparation for
the review meeting in Doha.
Bogollagama referring to the reforms of Bretton Wood financial
architecture, mentioned that the new aspects should focus on introducing
delivery apparatus to avoid long gestation taken in granting of funds.
He emphasised the importance of translating the deliberations at the
workshop into action at the next review of the Monterrey Consensus in
Doha.
This workshop jointly organised by the United Nations Department for
Economic and Social Affairs, the Commonwealth Secretariat and the
Commonwealth Business Council undertook a review on emerging issues in
international finance both for middle - income and low income countries.
The report and recommendations emanating from the workshop will feed
into High Level dialog the Financing for Development at the United
Nations in September 2007 and the Follow-up International Conference on
Financing for Development to Review the implementation of the Monterrey
Consensus in Doha in 2008.
Other guest speakers at the plenary session included Stephen Timms,
Chief Secretary to the HM Treasury, UK, Dr. Mohan Kaul, CEO of the
Commonwealth Business Council, Jose Antanio Ocampo, Under Secretary -
General, UN Department for Economic and Social Affairs and Ransford
Smith, Deputy Secretary General of the Commonwealth .
Experts in international financing, central bankers, academics and
economists were among the participants at the workshop.
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