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Sri Lanka looks to future with hope and enthusiasm

Calls for deferment of debt payment and creation of NAM Reserve facility:


President Mahinda Rajapaksa addressing the NAM Summit

A great sigh of relief has now swept across the entire nation being finally released from the grip of the fear of terrorism.

The Sri Lankan Nation now looks to the future with renewed hope and enthusiasm, said President Mahinda Rajapaksa addressing the 15th summit of the Non-Aligned Movement being held in Sharm El-Sheikh, Egypt todayJuly 15.

“Our Government is aware that defeating a terrorist group does not solve the underlying grievances of our people. We are therefore now dealing with these issues. First and foremost, we are engaged in attending to the needs of the 287,000 civilians who were held hostage by the terrorists and liberated by our Security Forces. Our goal is to quickly return the displaced to their homes and to restore their livelihoods,” added the President.

President Mahinda Rajapaksa meeting UNSG Ban Ki Moon on the sidelines of the NAM Summit

Referring to the world financial and economic crises, President Rajapaksa said: “The world is today confronted by a crisis that is essentially the creation of the financial markets of certain developed countries. As a consequence of his financial crisis, our development agenda is challenged; our exports are crippled; our industries are suffering from a lack of confidence; and we face an externally induced liquidity shortfall. It is unfortunate that many countries of the developing world, which largely with their own resources climbed up the ladder of development, are adversely affected and even penalized in this manner due to the global financial crisis which was not of their own making”.

He called for a temporary deferment of debt repayment as an essential short-term initiative to overcome current difficulties of the affected developing countries. He proposed that NAM combine its substantial collective resources to establish an Emergency Financing Facility which could be accessed in situations of the current sort.

“The global financial architecture must reflect current circumstances, be democratic and, until such time, it would be sensible to establish a Reserve Facility of our own to assist fellow developing country in emergency situations,” the President said.

He also told the NAM that developing countries must be assisted technologically and financially to follow a different development model from the ones which have resulted in damage to our Planet.

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