Sri Lanka says developing countries facing debt crisis

Sri Lanka says developing countries are facing an unprecedented economic and debt crisis due to the coronavirus pandemic and noted the need for debt relief and financial stimulus for these countries.

President Gotabaya Rajapaksa joined calls for international financial institutions and donors to provide debt relief and greater financial assistance to vulnerable countries.

The President expressed these views while addressing a special Non-Aligned Movement (NAM) summit via teleconference today.

Speaking further, the President said that it was important to emphasize that Middle Income Countries also face critical and diverse economic and social challenges that have been augmented by this pandemic.

Therefore, he said it is important to also focus on their needs at this particular juncture and accord the necessary financial support to avert negative economic consequences.

He said that Sri Lanka believes national and regional level initiatives complement and strengthen the global response to the crisis.

Sri Lanka contributed USD 5 million to the SAARC COVID – 19 Emergency Fund to assist the South Asian region in its efforts to deal with the challenge.

Rajapaksa also noted  Sri Lanka’s appreciation of the Chair of the NAM for organising the summit and pledged his support for NAM’s initiatives in combating and overcoming the pandemic. (Colombo Gazette)