Mr. Ranil Wickramasinghe said that the adverse consequences of the global economic instability created due to the covid epidemic as well as the war in Ukraine, the excessively high prices of food, fuel and fertilizers created an unbearable situation.
The President also said that global political trends have further aggravated the economic crisis.
President Ranil Wickramasinghe said this while addressing the main session of the 55th Annual Meeting of Asian Development Bank Governors held this morning (29) at the Asian Development Bank headquarters in Manila, Philippines.
It was chaired by President Ranil Wickramasinghe. Philippine President Ferdinand R. Marcos (Ferdinand R. Marcos, Jr.) and Asian Development Bank President Masatsugu
The central bank governors of the member countries attended the meeting which was held with the participation of Mr. Asakawa.
Addressing the meeting, President Ranil Wickramasinghe further stated that the increased food and energy prices are leading to lower growth of the middle class and further insecurity of vulnerable communities in the Indian Ocean region.
The President noted that in the midst of great economic pressure, Sri Lanka is making an unprecedented financial effort to restore the country’s debt sustainability, and expects Sri Lanka’s creditors and all stakeholders to support these efforts to restore debt sustainability.
Sri Lanka is experiencing rising unemployment and declining purchasing power while undergoing these deep and pressing reforms, yet the government is aware of the adverse effects on the most vulnerable members of society and has therefore made every effort to allocate more funding and resources to social protection. The president said.
Mr. Ranil Wickramasinghe further pointed out that creditors and debtors should work with equality and collectively to ensure economic and financial stability throughout the world and especially in the Asian region.
The 55th Annual Meeting of Asian Development Bank Governors commenced on September 26 at the Asian Development Bank Headquarters and will continue until September 30.
Senior Advisor to the President on National Security and Chief of Staff to the President, Sagala Ratnayake, Secretary of the Ministry of Finance Mahinda Siriwardena, Sri Lankan Ambassador to the Philippines Shobini Gunasekara and the Sri Lankan delegation joined the event.
Meanwhile, President Ranil Wickramasinghe joined the luncheon hosted by Philippine President Ferdinand R. Marcos for the Central Bank Governors of the member countries participating in the 55th annual meeting of Asian Development Bank Governors.
