Sri Lanka though embroiled in a conflict associated with terrorism has achieved significant development by having the macro-economic fundamentals in place, and thereby being able to properly manage both internal and external shocks, Foreign Minister Rohitha Bogollagama said, writes Daily News, London 080307 at http://www.dailynews.lk/.
Forwarded by Budhi Mulyawan 080307.

Addressing the plenary session of the Multi-stakeholder Workshop on Debt, Finance and Emerging Issues in Financial Integration at Marlborough House, London on Tuesday, the Minister appreciated the private sector’s energies in contributing to Sri Lanka’s resilience to the negative aspects in economic activity and development.

Acknowledging that private sector led investments in Sri Lanka have played a leading role specially in the development of the South, he stated that the Government was making every effort to attract foreign and local capital into conflict affected areas. Bogollagama’s suggestion that attracting investment into regions with conflict be a subject for the next review on the Monterrey Consensus was agreed by other speakers at the session.

The Foreign Minister underscored the importance of interventions in the facilitation of attracting foreign direct investment. He observed that the developed international community should support the developing countries to create a favourable environment to expand market access, enhance technical assistance for capacity building and directing financial leverage for improving the latter’s infrastructure.

With regard to debt relief, the Minister emphasised the need for international financial institutions to take into account, changes in economies due to natural catastrophes, adverse terms of trade or conflicts when making related policy recommendations.

While upholding Sri Lanka’s experience following the tsunami and being confronted with the threat from terrorism, he urged the analysis of country case studies on debt relief disbursements in preparation for the review meeting in Doha.

Bogollagama referring to the reforms of Bretton Wood financial architecture, mentioned that the new aspects should focus on introducing delivery apparatus to avoid long gestation taken in granting of funds. He emphasised the importance of translating the deliberations at the workshop into action at the next review of the Monterrey Consensus in Doha.

This workshop jointly organised by the United Nations Department for Economic and Social Affairs, the Commonwealth Secretariat and the Commonwealth Business Council undertook a review on emerging issues in international finance both for middle - income and low income countries.

The report and recommendations emanating from the workshop will feed into High Level dialog the Financing for Development at the United Nations in September 2007 and the Follow-up International Conference on Financing for Development to Review the implementation of the Monterrey Consensus in Doha in 2008.

Other guest speakers at the plenary session included Stephen Timms, Chief Secretary to the HM Treasury, UK, Dr. Mohan Kaul, CEO of the Commonwealth Business Council, Jose Antanio Ocampo, Under Secretary - General, UN Department for Economic and Social Affairs and Ransford Smith, Deputy Secretary General of the Commonwealth .

Experts in international financing, central bankers, academics and economists were among the participants at the workshop.

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