President Ranil Wickremesinghe, addressing the Third South Summit in Kampala, Uganda, highlighted the world's numerous challenges, such as conflicts, pandemic repercussions, climate disasters and financial market uncertainties. The President also emphasized the disproportionate impact on vulnerable G77 economies.
In his statement, President Ranil Wickremesinghe stressed the urgency of reforming the global financial architecture. The President also pointed out that the contemporary international debt resolution architecture is more suited for a world where the Paris Club and London Club dominate global debt resolution. International bond markets dominate global debt, particularly debt in the developing world and non-Paris Club lenders.
The President lamented the diversion of financial resources to debt service, hindering spending on essential public services and human development, impacting Sustainable Development Goal (SDG) targets. He criticized the Common Framework for its inability to provide speedy debt resolution, causing delays in addressing recent sovereign debt distress in many G77 countries.
Bu hikaye Business Today Sri Lanka dergisinin Business Today February 2024 sayısından alınmıştır.
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Bu hikaye Business Today Sri Lanka dergisinin Business Today February 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
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The National Savings Bank recorded a Profit before Tax 15 billion for the First Six Months of 2024
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