President Ranil Wickremesinghe addressing the Third South Summit in Kampala, Uganda, highlighted the numerous challenges the world faces, such as conflicts, pandemic repercussions, climate disasters and financial market uncertainties.
The President also emphasized the disproportionate impact on vulnerable G77 economies.
In his statement, President Wickremesinghe stressed the urgency of reforming the global financial architecture. The President also pointed out that the contemporary international debt resolution architecture is more suited for a world where the Paris Club and London Club dominated global debt resolution.
Currently the global debt and particularly debt in the developing world is dominated by international bond markets, and non-Paris Club lenders.
The President lamented the diversion of financial resources to debt service, hindering spending on essential public services and human development, impacting Sustainable Development Goal (SDG) targets.
He criticized the Common Framework for its inability to provide speedy debt resolution, causing delays in addressing recent sovereign debt distress in many G77 countries.
While advocating for global financial reforms, the President called on the G77 + China to formulate strategies for member countries to prepare for energy transition, digital transformation, the green economy, and a skilled workforce for the new global economy.
President Wickremesinghe also thanked President Museveni and the Government of Uganda for their hospitality and congratulated President Museveni on hosting the Third South Summit and assuming the Chairmanship of the Group of 77 + China.
The President also expressed gratitude to Cuba for its leadership during the past year and commended their effective leadership in the Havana Declaration.
As the G77 + China commemorate their 60th year, President Wickremesinghe emphasized the importance of remaining united to overcome multidimensional challenges based on the group’s founding principles of unity, complementarity, cooperation and solidarity.
As the largest alliance of developing countries within the United Nations, the G77 provided a platform for the Global South countries to express and advance their collective economic interests.
(SKY NEWS)
