Ranil Wickramasinghe points out that the adverse consequences of the global economic instability created due to the covid epidemic as well as the war in Ukraine, the excessive rise in the prices of food, fuel and fertilizers created an unbearable situation.
The President also said that global political trends have further aggravated the economic crisis.
President Ranil Wickramasinghe stated this while addressing the main session of the 55th Annual Meeting of the Asian Development Bank Governors held yesterday morning (29) at the Asian Development Bank headquarters in Manila, Philippines.
It was chaired by President Ranil Wickramasinghe. The central bank governors of the member countries attended the meeting, which was held with the participation of the Philippine President Ferdinand R.Marcos, Jr. and Asian Development Bank President Masatsugu Asakawa.
Addressing the meeting, President Ranil Wickramasinghe further stated that the increased food and energy prices are leading to lower growth of the middle class and further insecurity of vulnerable communities in the Indian Ocean region.
In the midst of great economic pressure, Sri Lanka is making an unprecedented financial effort to restore the country’s debt sustainability and it is expected that Sri Lanka’s creditors and all stakeholders will support these efforts to restore debt sustainability.
Sri Lanka is experiencing rising unemployment and declining purchasing power while undergoing these deep and pressing reforms, however the government is aware of the adverse effects on the most vulnerable members of society and accordingly every effort is made to allocate more funding and resources to social protection.
Ranil Wickramasinghe further pointed out that creditors and debtors should work with equality and collectively to ensure economic and financial stability throughout the world and especially in the Asian region.
The 55th Annual Meeting of Asian Development Bank Governors commenced on September 26 at the Asian Development Bank Headquarters and will continue until September 30.
Meanwhile, President Ranil Wickramasinghe joined the luncheon hosted by Philippine President Ferdinand R. Marcos-Junior for the Central Bank Governors of the member countries participating in the 55th annual meeting of the Asian Development Bank Governors as a special guest.
