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Thursday, November 26, 2009 - 6.30 GMT |
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Developing
countries should receive funds on
concessional terms: Foreign Minister |
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The
global
liquidity
conditions
are yet
to
recover
to
pre-crisis
levels,
with
many
Commonwealth
countries
finding
it
difficult
to raise
the
required
external
funding
through
multilateral
and
other
donor
agencies
and
accordingly,
Financing
Agencies
should
be
promoted
to lend
to
developing
countries
under
concessional
terms
and
conditions
where
possible.
Foreign
Minister
Rohitha
Bogollagama
stated
this at
the
discussions
on the
World
Economic
Situation,
at the
pre-Commonwealth
Heads of
Government
Meeting
(CHOGM)
yesterday
(25) in
Port of
Spain,
Trinidad
&
Tobago.
He
pointed
out that
developed
countries
should
not
resort
to
protectionism
and
special
stimulus
packages
are
provided
for
developing
countries
taking
into
account
their
economic
needs.
He
further
stated
that the
developed
countries
should
also
make
available
funds on
concessional
terms
and
conditions
for
developing
countries
with
debt in
order to
continue
their
development
activities.
Outlining
the
position
on the
reform
of the
International
Institutions,
Minister
Bogollagama
pledged
Sri
Lanka’s
support
on this
aspect.
He
pointed
out that
development
assistance
extended
by the
international
institutions
is often
combined
with
political
and
global
objectives.
Such
complexities
have
created
difficulties
for the
recipients
as
important
decisions
taken by
the
development
partners
usually
do not
take
into
account
the
ground
conditions
objectively
of the
recipient
countries,
the
Minister
said.
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