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Asian economies better than west-MR

25 February 2011 10:13 am - 39     - {{hitsCtrl.values.hits}}

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President Mahinda Rajapaksa today said that the root cause of the global economic melt down including the collapse of the banking systems recently was the result of irresponsible financial handling by many of the developed countries in the world.

He told the South East Asian Central Bank Governors’ 46th conference that of double standards, policy contradictions, and the stubbornness to face reality, the unfortunate attempts at politicizing multi-lateral financial organizations and the lethargy in providing urgently needed financial bail-outs, were distinct causes that aggravated the crisis.

President Rajapaksa said historians would record that Asian economies came out of this painful era in better shape when compared with their western counterparts.

The President said a lot of attention has been paid to regulate and supervise financial institutions which are considered to be too big to fail and this is commendable, because the fall of major global financial institutions damages the international financial structure.

“By the same token, it is also necessary for the worldwide financial community to focus upon the management of economies that have a global impact. We know that certain national economies are so large that their financial well-being is vital for the global economic health,” he said.

Cambodian Central Bank Governor Dr. Chea Chanto, IMF Deputy Managing Director Naoyuki Shinohara also addressed the gathering.
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  Comments - 39

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  • Amarasiri Dodangoda Friday, 25 February 2011 10:24 AM

    WHO IS GOING TO BELIEVE THIS... goverment is talking without sense....world knows that our country is STILL going under very famine without WAR...EVEN WITHOUT. basic needs for people of this country.......So now government is trying to cover these up telling stories and making drama for up-coming election TO GAIN POOR VOTES FROM PUBLIC . "PUBLIC NOT FOOL TO BELEIBVE ALL THESE"

    commonsense Friday, 25 February 2011 10:27 AM

    lets not forget we looked towards to these so called western countries not so long ago for funds!!! we are still being paid by them...

    Loki Friday, 25 February 2011 10:24 AM

    Is he talking about his cabinet ministers?(double standards,policy contradictions,stubbornness to face reality)

    dass Friday, 25 February 2011 10:41 PM

    Of course When 10% is handling 90% of wealth,it is very easy to manage.

    Karudan Friday, 25 February 2011 10:36 AM

    Is it true sir?

    TMA Friday, 25 February 2011 10:48 AM

    Let's just hope u'r dream comes true B4 U die

    Observer Friday, 25 February 2011 10:49 AM

    Yes some asian countries. Not SL. Even those asian countries including Japan does not enjoy like west.
    Thats why Gota went to US and Kohona went to Australia.

    The problem is normal Lankans does not know how richer asians or westernes live. If you look other matters above ecconomi individual human rights are much better in western countries thant those rich asian countries.

    But what those western countries did/do in other part of the world is another matter.

    Lanka Hamaduru Friday, 25 February 2011 10:52 AM

    Ok..Ok.....MR is talking about the economic....But our country's economy will be much better than this...If government reduce unwanted no of ministeries, reducing their packs & facilities..avoid having unwanted 3-4 election per year, all personal entertainment expesnes.

    MR Friday, 25 February 2011 11:05 AM

    Yes !!

    mohandev Friday, 25 February 2011 11:00 AM

    Proud to be a true sri lankan

    Rohan Kariyawasam Friday, 25 February 2011 11:09 AM

    No wonder why westerners queeing up in front of srilankan embasssys dying to reach srilnakan shores

    Wara Friday, 25 February 2011 11:23 AM

    You are so worried about west, it seems.

    Ameer Saly Friday, 25 February 2011 11:24 AM

    Sure our economy is still not good...where our fund goes? People should come to street like libya...then we can "STORAGE OF our funds" in place like Tunisa

    jay Saturday, 26 February 2011 02:26 AM

    yes,kg,of been is Rs.300.00

    perumal Friday, 25 February 2011 11:34 AM

    Of course, why do Rajapakses seek citizenship of USA, Britain if they are failed economies?

    Pedro Friday, 25 February 2011 11:27 AM

    Trying to impress with cheap nationalist talking. Sri Lanka got plenty of funding for example from IMF, and now he is complaining.

    singiyo Saturday, 26 February 2011 11:17 PM

    first talk about sri lanka economy before going to talk about asian and western economy.

    Ranger Saturday, 26 February 2011 03:15 AM

    What a tapestry, the pot is calling the kettle BLACK.

    Amrita Barua Saturday, 26 February 2011 03:17 AM

    It should be taken simply as political statement. Whole world knows South Asian economic still remained worst economic in the world. Yet majority of South Asian citizens do not have access to basic needs.

    Sherman G. de Silva Friday, 25 February 2011 11:47 AM

    Well Said, Mr. President!

    das Saturday, 26 February 2011 03:32 AM

    what sort of drugs are u taking?

    das Saturday, 26 February 2011 03:34 AM

    Actually the economy will be much better if this govt went.

    Vinasithamby Friday, 25 February 2011 11:52 AM

    Asian countries have correct economic indicators whereas
    western countries have exact economic indicators and the
    governments are obliged to tell the truth to their citizens.
    In Asia more than 65% of the population living under the poverty
    level.

    Dimple kapadiya Sunday, 27 February 2011 03:28 AM

    You r spot on I saw people queeing up in Washinton embassay queeeing early morning in the freezing temp.

    Loku Lokka Saturday, 26 February 2011 04:28 AM

    We are going from bad to worse and our basic living costs have got totally out of hand and not any politician really seems to care...except to give reasons and excuses...whilst they plunder and live a life of luxury..Let us start with Sri Lanka and let the West sort out their own..

    Guru Saturday, 26 February 2011 04:43 AM

    MR do you know what economy means????

    citizen1 Saturday, 26 February 2011 04:39 AM

    whatever you say...your majesty.

    demon Saturday, 26 February 2011 05:07 AM

    you are right mr president...

    Pons Saturday, 26 February 2011 05:10 AM

    MR is right, because he is an economist. He is such an educated man that he has figured out that putting the public funds into his relatives' pockets is better than running an expansionary economy that goes through hiccups. After all, if there is no boom, there won't be any bust either. I salute you, Mr. President. You have shown the way to the rest of the world.

    Dimple kapadiya Sunday, 27 February 2011 05:30 AM

    Come on guys we dont have poverty in SL. We are just dieting for good health reasons.

    I Hussein Saturday, 26 February 2011 06:37 AM

    More than two years western countries are effected by this and the entire world know it. Nothing new and its a stale news.
    People of those effected western countries are not begging or facing powerty with sky rocketing prices like the Asian countries. We keep boasting about Asian economy. What good it made for us as Srilankans?

    Lal Saturday, 26 February 2011 07:00 AM

    what to most of leaders dont want to talk the truth in Asia

    kayci Saturday, 26 February 2011 07:25 AM

    yes he knows it better than you

    sara Saturday, 26 February 2011 07:33 AM

    Response to IND s comment is surprising,, So many SL s doesnt like to hear that the WEST is fading,, which is an obvious fact!!!

    Gona Saturday, 26 February 2011 08:34 AM

    Smart statement which has deep meaning!!!
    Well done my president!!!!

    prkirubai Friday, 25 February 2011 05:21 PM

    What is the frame of his reference???

    Paper Boy Friday, 25 February 2011 08:04 PM

    Yes sir ur right, we are more steady in terms of economy by importing coconuts from India

    ind Friday, 25 February 2011 10:21 AM

    Exactly. West is like dimming lights. More shine but fade away very soon.

    gtans Friday, 25 February 2011 08:57 PM

    Utter ignorance


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