Fri, 29 Mar 2024 Today's Paper

Lankan president tells West to sort problems

27 October 2011 05:54 am - 9     - {{hitsCtrl.values.hits}}

A A A

Sri Lanka's President Mahinda Rajapaksa has taken a swipe at advanced economies, saying they urgently need to get their act together because the Asia Pacific region is propping up global stability.

Leaders in advanced economies had done "too little, too late" to address shaky confidence in their financial markets, so they needed to take urgent action or risk derailing global stability, Mr. Rajapaksa told the Commonwealth Business Forum in Perth.

He pointed to high unemployment in advanced nations, which had resulted in the first signs of political and social unrest in those societies.

"Such situations, if allowed to escalate unchecked, could give rise to more serious political problems, which would further threaten global economic stability," Mr. Rajapaksa told delegates.

"It is thus imperative that the more advanced nations respond quickly and efficiently to deal with rising inequalities and unemployment levels in their society, without allowing a situation of unacceptable proportions."

Mr. Rajapaksa said he was concerned that confidence, the bedrock of the economic system, was going to slide further.

"If confidence levels decline, economic activity that we take for granted is damaged at the very foundations.

"It is essential that world leaders search for proper responses and act decisively to restore confidence.

"It is... time for advanced economies to respond to the growing crisis and do so quickly... otherwise they will find that the situation will become much worse and perhaps even reach a point of no return."

He also said Sri Lanka, the next host nation for CHOGM, had been successful in maintaining confidence over the past six years "because we have been able to provide a political consistency".

Economic growth in the north and east regions, which had previously been affected by conflict, was growing by 22 percent, he said.

Unemployment had fallen from eight percent to 4.3 percent, inflation had dropped from 28 percent to six percent and debt-to-GDP levels were down from 103 percent to 79 percent.

Prime Minister Julia Gillard on Wednesday raised directly with the Sri Lankan president the issue of human rights abuses during the country's civil war that ended in 2009. (Source: The West Australian News)




Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

  Comments - 9

Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka
  • Zacky Thursday, 27 October 2011 06:21 AM

    What a wonderful president!

    Singhe Thursday, 27 October 2011 06:43 AM

    No! What a Wonderful Country

    Aceman Thursday, 27 October 2011 06:56 AM

    Nice one, MR!!!

    Imran Hussein Thursday, 27 October 2011 07:13 AM

    Yep, many of us wonder.

    izmie Thursday, 27 October 2011 08:41 AM

    No wonder we are the wonder of Asia.

    Gotabaya Thursday, 27 October 2011 09:30 AM

    Ela Ela...

    sri lankan Thursday, 27 October 2011 12:02 PM

    You have done our tiny Island proud MR

    Disgruntled Thursday, 27 October 2011 03:53 PM

    Well done MR.... Way to go !

    Afraz Friday, 28 October 2011 03:09 AM

    Well said Mr. President. Wack this fellow straight to the face. Its time up the Asians Rule the world :) and let them learn from Asians!!
    Cheers


Add comment

Comments will be edited (grammar, spelling and slang) and authorized at the discretion of Daily Mirror online. The website also has the right not to publish selected comments.

Reply To:

Name - Reply Comment





Order Gifts and Flowers to Sri Lanka. See Kapruka's top selling online shopping categories such as Toys, Grocery, Kids Toys, Birthday Cakes, Fruits, Chocolates, Clothing and Electronics. Also see Kapruka's unique online services such as Money Remittence,Astrology, Courier/Delivery, Medicine Delivery and over 700 top brands. Also get products from Amazon & Ebay via Kapruka Gloabal Shop into Sri Lanka

VAT increase: SOUNDs death knell for publishers, readers

Though the Government imposed VAT (Value Added Tax) on vegetables and other e

How female change-makers are driving Sri Lanka’s energy saving platform

Saving energy has become more of a responsibility than a habit in today’s c

A dull Ramadan awaits Muslims amidst the Soaring Cost of Living

In the coming days, Muslims across the world will welcome the Holy Month of R

New wildlife underpass to curtail HEC

As of February 2024, Sri Lanka lost another 38 elephants as a result of the H