Third session of the Committee on Macroeconomic Policy, Poverty Reduction and Financing for Development of the United Nations Economic and Social Commission for Asia and the Pacific (UNESCAP) was virtually convened in Bangkok, from 20 to 22 October 2021, and discussed a range of economic policies and innovative financing strategies to overcome multifaceted challenges, in the post COVID-19 context.
Leading the Sri Lanka delegation, Ambassador of Sri Lanka to the Kingdom of Thailand and Permanent Representative to the UNESCAP C.A. Chaminda I. Colonne conveyed Sri Lanka’s appreciation to the Committee on Macroeconomic Policy, Poverty Reduction and Financing for Development of the UNESCAP for its work to overcome the challenges of COVID-19 pandemic and expressed Sri Lanka’s support for the establishment of a Consultative Group on financing strategies for the Sustainable Development Goals, along with China, Japan, Pakistan, France and Finland. Governor of the Central Bank of Sri Lanka Ajith Nivard Cabraal will be coordinating the said Group.
As a key note speaker for the special side event ‘Regional Conversation on Financing for Development: Financing sustainable development and addressing debt risks in the aftermath of the COVID-19 pandemic – potential of innovative sustainable financing strategies’ Governor Cabraal stated that “downgrading countries in a time of global pandemic is creating chaos and that itself causing vulnerabilities and add further vulnerabilities to countries by downgrading and providing low access to finance”. Governor Cabraal also highlighted the importance of providing Special Drawing Rights by the IMF at the very first stage of pandemic and elaborated on Sri Lanka’s new approaches towards managing debt risk by reducing market debts, looking for G2G new additional financing, using under-utilized assets etc.
Delivering the Country Statement, Additional Director General of the Department of External Resources, Ministry of Finance of Sri Lanka Sampath Manthrinayake stated that ‘Sri Lanka can work to secure fiscal and debt sustainability and drive resilient growth and jobs, particularly by focusing on blue and green economy and smart agriculture, allowing productive local companies to integrate into global value chains, and attaining higher value addition in manufacturing, agribusinesses, and service sectors’.
Director General of Sustainable Development Council of Sri Lanka Chamindry Saparamadu, Director of Department of External Resources Samantha Bandara, First Secretary and Deputy Permanent Representative of the Mission Saritha Ranatunga were the other members of Sri Lanka delegation.
