Mangala urges Commonwealth to come up with safety net to cushion fallouts of natural disasters



article_image

Sri Lanka has urged the Commonwealth to redouble its efforts and begin implementing a well-targeted economic recovery plan to buttress the financial fallout from increasingly frequent natural disasters


. Minister of Finance and Media Mangala Samaraweera made the following statement at the Commonwealth Finance Ministers Meeting held yesterday on the margins of the IMF/World Bank Annual Meetings in Bali, Indonesia: "Sri Lanka welcomes these series of initiatives of the Commonwealth that aims to enhance national capacities to reduce disaster risk.


Vulnerability must be looked at not only from a trade and commerce point of view but must take into account financial risk as well. 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.


In this context, Sri Lanka urges the Commonwealth to redouble its efforts and begin implementing a well-targeted and thought out economic recovery plan to buttress the financial fallout from increasingly frequent natural disasters."


 
 
 
 
 
 
 
 
 
 
animated gif
Processing Request
Please Wait...