He drew attention to the challenges these countries face due to the lack of a common framework and procedures. President Wickremesinghe cited the example of Sri Lanka, where the declaration of bankruptcy had brought all external financial dealings to a standstill, potentially leading to a major political crisis.
“I would like to bring to your attention the fate of the middle income countries because there is no common framework, there is no procedure for the middle income countries. I will give an example of Sri Lanka when bankruptcy was declared, all external financial dealings came to a halt.”
However, the President also highlighted a positive development: Sri Lanka’s successful regraduation and the assistance received from the U.S. Government in the form of fertilizer. This timely aid helped prevent another political crisis in the country. President Wickremesinghe stressed the need for a comprehensive plan to address the financial difficulties faced by middle-income countries like Sri Lanka.
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