Finance Minister Shares Sri Lanka's Experience At UN ECOSOC Forum In New York

Minister of Finance Mangala Samaraweera is representing Sri Lanka at the UN Economic and Social Council (ECOSOC) Forum on Financing for Development (FfD) convened by the President of ECOSOC, Inga Rhonda King, at the latter’s invitation.

Participating in the Ministerial Financial Dialogue Panel Discussion on ‘Promoting Inclusive Growth Reducing Inequalities’ on 15 April, the Minister shared with the FfD, measures taken in Sri Lanka towards this end, including details of the ‘Enterprise Sri Lanka’ concessionary loan scheme which was launched in mid-2018 with the objective of creating 100,000 young entrepreneurs especially in the villages.

The 2019 FfD Forum, as the center-piece of the FfD follow-up process has a dual task to: review the implementation of the Addis Ababa Action Agenda in the past 04 years; and forge consensus among increasingly divergent views and spread policy know-how to advance implementation against rising economic and non-economic risks. It is expected to build momentum toward the first quadrennial high-level dialogue on financing for development, which is to take place in September 2019, back-to-back with the High Level Political Forum on Sustainable Development.

Addressing the General Debate of the FfD on 16 April, Minister Samaraweera explained some of the measures taken by Sri Lanka including in the 2019 budget to address identified challenges in sustainable and equitable development. Stating that financial commitments are increasingly challenging for countries like Sri Lanka that are subject to significant fiscal constraints, the Minister emphasised the need for international cooperation including for supporting measures to prevent and mitigate the debilitating impacts of climate change in vulnerable economies. The Minister urged for greater public-private partnerships and multi-stakeholder initiatives globally, to ensure the successful achievement of the Sustainable Development Goals (SDGs) so that no one is left behind.

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