“A comprehensive international dialogue essential to address global challenges in 2024” – President

President Ranil Wickremesinghe delivering the opening speech at the ‘Berlin Global’ Dialogue in Berlin, Germany, today (28), expressed the need for a comprehensive dialogue between Western nations and China, the United States of America and China and the European Union and China, as a critical component of a robust international plan capable of addressing the global challenges anticipated in 2024.

The President also highlighted that initiatives such as the ‘Belt and Road’ have led to increased scrutiny of countries like Sri Lanka, potentially impacting the economic prospects of nations in the Global South. Nevertheless, he emphasized that Sri Lanka has a history of engaging with countries like the United States, India, and China, making such interactions a familiar and essential part of international relations.

During the subsequent round table discussion, President Ranil Wickremesinghe also expressed gratitude for the support received from India and Bangladesh in addressing Sri Lanka’s recent economic challenges.”

President Wickremesinghe underlined the contrast between advanced economies, which possess buffers and reserves to weather these shocks, and developing nations that lack such resources. He emphasized that this disparity was the starting point for the sovereign debt crisis.

The President cautioned that without immediate corrective measures, the world could be on the brink of another crisis. He acknowledged that many developing countries are burdened with substantial debt, highlighting the inadequacy of existing mechanisms like the IMF to address this new situation. He shared Sri Lanka’s experience when declaring bankruptcy, which led to a halt in foreign funding and triggered a political crisis.