G-15 hails President as visionary

Lanka, illustration of Group’s potential success:

Dulshani GUNAWARDENA

President Mahinda Rajapaksa who assumed Chairmanship of the Group of G-15 Monday was hailed by enthusiastic delegates as a visionary leader who would steer the Group towards the key target of prosperity.

Addressing the media in Colombo yesterday, External Affairs Minister Prof. G. L. Peiris quoted outgoing Chairman Iranian President Mahmoud Ahmadinejad as noting that the recommendations for the Group of G-15 as having already been successfully implemented in Sri Lanka.

Prof. Peiris also highlighted the major developments of the summit.

The summit focussed on the global economy reviving from a major slump and also on revolutionary economic policies. Access not aid, when the need of access to the markets of developed countries rather than financial aid was cited as a timely need.

The Minister stressed the need of restructuring the guidelines and rules of the key financial instruments: The World Bank and the International Monetary Fund, to suit the needs of developing nations. The modification of intellectual property laws to benefit the people of developing countries was another issue widely discussed.

Sri Lanka garnered much appreciation in the sphere of rural prosperity.

The enhancement of small and medium sized industries was specially highlighted as an essential element.

Sri Lanka’s policies in this regard, such as the initiatives of the Central Bank to lower interest rates for seed capital was well received, Prof. Peiris said. The integration of economic development and environment preservation being a key issue, Sri Lanka’s policies towards the use of alternative energy sources was met with much approval and praise, he said.