Lankapage Logo CP 19 YEARS
Go Home Home Serving the Sri Lankan community globally since 2000
go to LankaPage.com

Leading News from Sri Lanka::

* Sri Lanka urges the Commonwealth to redouble efforts to counter financial fallout of natural disasters
Thu, Oct 11, 2018, 06:21 pm SL Time, ColomboPage News Desk, Sri Lanka.

Oct 11, Colombo: Sri Lanka today urged the Commonwealth to redouble its efforts and implement a well targeted and thought out economic recovery plan to brace for the financial fallout of frequent natural disasters as natural disasters may push smaller nations towards uncontrollable economic chaos.

Making a statement at the Commonwealth Finance Ministers Meetings (CFMM) in Bali, Indonesia on Thursday, Sri Lanka's Minister of Finance and Mass Media Mangala Samaraweera said Sri Lanka welcomes the series of initiatives of the Commonwealth that aims to enhance national capacities to reduce disaster risk.

Finance ministers from the 53 member countries of the Commonwealth met in the margins of the International Monetary Fund (IMF) and World Bank annual meetings in Bali, Indonesia today, to discuss financing solutions to help counter the risk of natural disasters in their countries. Under the theme 'Enhancing National Capacity to Reduce Disaster Risk' this year's meeting focused on strategies to help Commonwealth countries build resilience and adapt to the risks associated with natural disasters.

Sri Lanka's Finance Minister said vulnerability to natural disasters 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 of increasingly frequent natural disasters," Minister Samaraweera said.

 

ColomboPage - Recent 10 Stories ::
Philippines Parliament assures to support programs for development cooperation with Sri Lanka
-- [5 hours ago]
Same group responsible for Lasantha's murder and Keith Noyahr's abduction, CID tells court
-- [6 hours ago]
Mahinda Rajapaksa officially assumes duties at Opposition Leader's office
-- [7 hours ago]
Sri Lanka's manufacturing sector slows down, while services accelerate in December 2018
-- [7 hours ago]
Sri Lanka to begin second stage of electronic company registration system on Monday
-- [8 hours ago]
Many projects implemented under guidance of Plantation Minister to boost rubber industry
Sri Lanka PM says unity government spent over Rs. 1.3 trillion to improve education and health
UNDP hosts dialogue on Youth Leadership, Innovation and Entrepreneurship in Sri Lanka next week
First Sri Lankan women graduate from Army School of Ceremonial in UK
Sri Lanka to receive $1 billion Bank of China loan this quarter - report

Copyright © 2000, 2016 by LankaPage.com (LLC) :
The news and other contents on ColomboPage are copyrighted property of LankaPage.com, LLC. Any unauthorized use of any information on ColomboPage may constitute a violation of copyright laws. You need written permission to reproduce, republish, post, transmit, broadcast or distribute, material from this site from LankaPage.com, LLC. However, news organizations or broadcasters in Sri Lanka may republish the news items in ColomboPage with proper acknowledgment to ColomboPage.