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Asian Tribune is published by World Institute For Asian Studies|Powered by WIAS Vol. 12 No. 1588

President Mahinda Rajapaksa urges Industrialized Nation to end the strangulation of developing countries monetarily

A.A.M.Nizam in Colombo
Chennai, 28 June, (

President Mahinda Rajapaksa blames the developed countries for most of the ills and setbacks being suffered by the developing countries in the world, and emphasized that major trends of economic policy in the developed world should not have a harmful effect on the well-being of developing countries.

Inaugurating the 50th Annual Sessions of the Asian-African Legal Consultative Organization in Colombo yesterday Mr. Rajapaksa said the use of substantial subsidies by Treasuries and Reserve Banks to support agricultural production in the developed world, and other forms of protectionism reduce the ability of farmers in developing countries to access to international markets for their export products on an equitable basis.

He observed that the disproportionate pollution of the environment by industrialized countries, and the resulting impact on global warming and climate change, cannot be remedied with any semblance of justice by imposing harsh restraints on developing countries, which are not the cause of this problem

The President urged for reform of the international financial architecture, with particular reference to revamping of the Bretton Woods institutions, and reform of the United Nations system on the basis of consensus among the international community in respect of all key issues, and said that there should be greater effectiveness with regard to regulatory mechanisms at international level, in respect of issues concerned with countries in Asia and Africa.

Speaking about global terrorism, and Sri Lanka’s triumph of vanquishing the scourge of terrorism that plagued the country for almost 30 years by the terrorist outfit considered as the world’s number one ruthless terrorist organization, the President said Money laundering, gun running, drug trafficking, people smuggling, and economic crime in general have an intimate connection with international terrorism which continue to pose serious challenges to countries all over the world and called for prompt, vigorous and unbiased action by the international community against terrorism. He said that since the end of terrorism, the government has put in place an effective strategy to harness the nation’s resources at the optimal level and far-reaching changes are taking place in every sphere of the Sri Lankan society, resulting in the growth of the economy by more than eight percent which has placed Sri Lanka as one of the most rapidly developing economies of Asia.

The President said that he strongly believed that economic development must have a direct impact on the lives of the people enriching and uplifting their lives.

He said that throughout his political career, he was convinced that the fruits of economic progress must trickle down to the grassroots level, by penetrating the rural hinterland. He said that with this objective in view, the government has taken steps to transform not only the legal system and legal culture but, even more importantly, the nation’s mindset to put timely emphasis on social equity and access to opportunity, particularly for those sections of the community which have been deprived of advantages in the past.

At yesterday’s session Sri Lanka’s Minister of Justice Mr. Rauf Hakeem was Chairman of the Organisation. Representatives of 40 Asian and African countries are attending this 5 days conference.

- Asian Tribune -

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