Call for debt relief to Corona affected economies | Daily News


NAM endorses President Gotabaya Rajapaksa’s initiative

Call for debt relief to Corona affected economies

NAM Task Force to compile COVID database
Recognition for Middle Income countries’ economic issues
Global Action path to tackling pandemic

The Non-Aligned Movement (NAM) endorsed President Gotabaya Rajapaksa’s initiative to make a collective call on affluent nations and international financial institutes to grant debt relief to vulnerable countries whose economies are badly affected by lockdowns. 

Addressing the NAM Online Summit yesterday, President Rajapaksa said that Sri Lanka noted with deep concern that developing countries are facing an unprecedented economic and debt crisis due to the pandemic. The anticipated global recession will further worsen this adverse climate. As such, the need for debt relief and financial stimulus for these countries has never been greater.

He called on NAM leaders attending the Summit under the Chair of Ilam Aliyev, President of Azerbaijan, to make a joint appeal to the international financial institutions and donors to provide debt relief to vulnerable countries. “This will facilitate a meaningful release of valuable funding and at the same time to stimulate such economies.”

It is important to emphasize that Middle Income Countries too face critical and diverse economic and social challenges that have been augmented by this pandemic, President Rajapaksa pointed out. Therefore, it is important to also focus on their needs at this particular juncture and accord the necessary financial support to avert negative economic consequences.

The President expressed support for global solidarity, unity and renewed multi-lateral cooperation in overcoming COVID -19. Sri Lanka firmly believes that this Summit will serve as an important platform for the NAM Member States to support collective global action in combating this deadly virus and sharing best practices and lessons learnt, he said. 

Sri Lanka expressed deep appreciation to the frontline healthcare and essential workers, in Sri Lanka and globally, for their dedication and selfless commitment. Sri Lanka remains deeply concerned by the unprecedented consequences arising from this pandemic to all  countries and peoples, including its catastrophic health impacts, accompanying humanitarian crisis, devastation of economies and social and psychological tensions, among others. 

Global solidarity, unity and collective action have been key to addressing this unprecedented challenge.  As such, Sri Lanka is pleased to support various multilateral initiatives in responding to this pandemic and addressing its long-term socio-economic consequences. Sri Lanka is pleased to endorse the declaration of the NAM Online Summit, the President said.  

Sri Lanka expressed fullest support to the initiative to establish a NAM Task Force to compile a database of basic humanitarian and medical needs of the member states to sensitize donors on urgent requirements. The NAM Summit formulated a “COVID 19 Global Humanitarian Response Plan” to assist in stemming the impact of the pandemic in already vulnerable humanitarian contexts.

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