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G77+China Summit: President urges global financial reforms

January 21, Colombo (LNW): President Ranil Wickremesinghe, addressing the 3rd South Summit in Kampala, Uganda, underscored global challenges, including conflicts, pandemic repercussions, climate disasters, and financial market uncertainties.

Emphasising the disproportionate impact on vulnerable G77 economies, he urged urgent reform of the global financial architecture.

President Wickremesinghe criticised the current international debt resolution architecture, noting its relevance during the dominance of the Paris Club and London Club.

With global debt now dominated by international bond markets and non-Paris Club lenders, he lamented the diversion of financial resources to debt service, hindering essential public services and human development, impacting Sustainable Development Goal (SDG) targets.

Expressing concern about the Common Framework’s delays in resolving sovereign debt distress, he urged swift debt resolution.

Regarding climate finance, President Wickremesinghe highlighted the global financial system’s failure to meet the Global South’s needs for climate change mitigation and adaptation.

Introducing Sri Lanka’s Tropical Belt Initiative, he aimed to catalyse private investments for global public goods. Addressing rising protectionist tendencies, the President advocated multilateral decision-making in global trade, emphasizing coordination between G77 and BRICS for efficient global trade and investment.

Quoting Joseph Stiglitz on technological changes affecting job creation, President Wickremesinghe called for G77 + China to formulate strategies for energy transition, digital transformation, the green economy, and a skilled workforce.

Thanking President Museveni for hosting the summit and assuming the G77 + China Chairmanship, President Wickremesinghe expressed gratitude to Cuba for its past leadership.

Commemorating the G77 + China’s 60th year, he emphasised unity to overcome multidimensional challenges based on founding principles.

The 3rd Southern Summit, themed “Leaving No One Behind,” aimed to enhance collaboration among 134 member nations in areas like trade, investment, sustainable development, climate change, poverty alleviation, and the digital economy.

The Republic of Uganda assumed the G77 + China summit presidency from the Republic of Cuba during this session.

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