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* 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.


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