Mangala assumes Chairmanship of G-24

The ninety-eighth meeting of Intergovernmental Group of Twenty-Four on International Monetary Affairs and Development (G-24), was held in Washington, D.C. on 12 October 2017.

 

Minister of Finance and Media Mr. Mangala Samaraweera assumed the Chairmanship of the G-24 on behalf of Sri Lanka. The last occasion Sri Lanka held Chairmanship was in 1999 during HE President Chandrika Kumaratunga’s tenure as Finance Minister.

In his address, Minister Samaraweera stated that the G-24 will focus on "continuing our collective and shared efforts to achieve our broad objective of improving living standards of the people in our countries."

Minister Samaraweera also stressed on the need to focus our efforts on enhancing inclusive, equitable and climate resilience growth and create employment opportunities.

"Experience has shown that growth in output alone is not enough to improve the welfare of the people. It is widely agreed that transformation of the economy from a fundamentally agrarian, subsistence one to an urbanized, integrated, enterprise-dominated one is important for sustainable economic development", the Minister added.

He further reiterated that the continued engagement of the Group on inclusive growth and productivity improvement to create employment opportunities will be one of the key priorities.

Minister Samaraweera underscored the importance of finding financing for development initiatives.

"Financing for development remains an urgent priority. Finding ways and means to fulfill this need is another key area that we must focus on at various fora. The promotion of international trade, innovation and private sector investments will also require our continued attention", the Minister added.

Following is the full text of speech

Thank you very much, Minister Tekeste.

It is a great honor and privilege for me to assume the Chairmanship of the G-24 today on behalf of Sri Lanka.

I believe the last occasion was in 1999 during HE President Chandrika Kumaratunga’s tenure as Finance Minister.

At the outset, please allow me to express our sincere thanks and appreciation to Minister Tekeste and the Government of Ethiopia for the excellent coordination and concerted efforts made during the last year to take G-24 activities forward.

I would also like to warmly welcome Ecuador and Kenya as incoming members to the G-24.

During Sri Lanka’s tenure, I will do my best to ensure that the Group operates capably, articulates the views of its members effectively and represents its interests on international monetary matters adequately.

We will focus on continuing our collective and shared efforts to achieve our broad objective of improving living standards of the people in our countries.

The theme of this years’ meeting, “Growth, Employment and Structural Transformation”, provides us an excellent opportunity to put our thoughts together in achieving this objective.

We will continue to focus on our efforts on enhancing inclusive, equitable and climate resilience growth and create employment opportunities.

Experience has shown that growth in output alone is not enough to improve the welfare of the people. It is widely agreed that transformation of the economy from a fundamentally agrarian, subsistence one to an urbanized, integrated, enterprise-dominated one is important for sustainable economic development.

This would certainly pose challenges for which we must work as a Group to find effective responses.

In the above context, we will continue to align our work agenda with the priorities of G-24, including the following:

The continued engagement of the Group on inclusive growth and productivity improvement to create employment opportunities will be one of the key priorities.

Financing for development remains an urgent priority. Finding ways and means to fulfill this need is another key area that we must focus on at various fora.

The promotion of international trade, innovation and private sector investments will also require our continued attention.

We will continue to work to bring independent perspectives to the debate on debt sustainability. This particularly is important for some of our members in the Group.

Obviously, the active role of the G-24 in the reform and governance agenda of international financial institutions will be continued while stressing the collective view of the Group.

 I look forward to hear the views of all our members for a meaningful and pragmatic South – South dialog, which is extremely important in our collective efforts going forward.

 With that, I wish to once again express our strong appreciation to you, Minister Tekeste, for your considerable efforts on behalf of the G-24 during the past year.

 

 

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