Sri Lanka urges Commonwealth to implement economic recovery plan

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Sri Lanka has urged the Commonwealth to re double its efforts and begin implementing a well targeted and thought out economic recovery plan to buttress the financial fallout of increasingly frequent natural disasters.

Speaking at the Meeting of Commonwealth Finance Ministers, Finance Minister Mangala Samaraweera said that vulnerability must be looked at not only from a trade and commerce point of view but must take into account financial risk as well.

He said that in an era where currencies and interest rates are volatile, mainly due to the unpredictability of external factors such as unprecedented challenges to the well established international trading regime and the consequential effects of spiraling energy costs, natural disasters may push smaller nations towards uncontrollable economic chaos.

The Minister also said that Sri Lanka welcomes the series of initiatives of the Commonwealth, that aims to enhance national capacities to reduce disaster risk. (Colombo Gazette)

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