In a virtual address during the Leader’s Session of the Second Voice of Global South Summit, President Ranil Wickremesinghe underscored the intricate nature of the issue of indebtedness and urged for concerted efforts among creditors and international financial institutions to identify sustainable solutions.
President Wickremesinghe had previously addressed the challenges faced by the Global South during the First Summit, emphasizing economic issues such as difficulties in debt settlement and restricted access to international financial markets. He stressed the importance of external support from multilateral institutions and developed economies, positioning India as a vital bridge between developing economies and G20 nations to tackle these shared challenges.
Providing an update on Sri Lanka’s economic status, President Wickremesinghe noted the receipt of the initial tranche of the International Monetary Fund’s (IMF) loan and advancements in the Official Creditors’ Committee concerning Sri Lanka’s bilateral official debt.
Looking to the future, President Wickremesinghe emphasized the significance of attracting foreign investment and fostering connectivity for sustained growth. The Vision Statement, jointly issued with Prime Minister Modi during his recent visit to India, focuses on enhancing connectivity between the two economies across all sectors and fostering people-to-people ties for mutual benefit.
President Wickremesinghe advocated for a particular emphasis on cooperation in digitalization, acknowledging India’s leadership in this domain. He expressed enthusiasm for digital advancements to contribute not only to growth and entrepreneurship but also to more effective governance.
