The SAARC Ministers’ Council which concluded its two-day meeting in Colombo yesterday called on the multilateral agencies such as the World Bank and the Asian Development Bank (ADB) as well as development partners to consider a moratorium on repayment of debts to help the region to cushion the impact of the global economic meltdown.
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| Foreign Minister Bogollagama along with other SAARC foreign ministers addressing a news conference in Colombo yesterday. |
Foreign Minister Rohitha Bogollagama said it was not possible to estimate the quantum of the collective debts of the region but said the amounts would be worked out in the months ahead when SAARC Finance Ministers meet.
“The region has heavily export dependent economies as well as heavy dependence on remittances from overseas so we have to work in a mindful way to avoid any serious repercussions from the economic crisis,” the Minister told reporters at a media briefing last evening.
Some of the immediate measures envisaged include a high level meeting among academics, policy makers and business leaders of the region to explore practical regional and global options for dealing with the crisis.
In a joint statement, the South Asian ministers said a major cause of current concern in the region is the drying up of credit and the contraction of financial markets, necessitating special stimulus packages to avoid the adverse impacts of the crisis.
“A well coordinated regional approach is required considering the severe impact on the economies and the socio-economic development of the SAARC region,” the Ministers said in their statement.
The Council of Ministers also issued a separate declaration on cooperation in combating terrorism where they agreed to consider the development of an integrated border mechanism for the promotion of cooperation and exchange of information, consistent with each country’s domestic, legal and administrative regimes, improving immigration and Customs control measures to detect and prevent the international movement of terrorists and their accomplices and trafficking in arms, narcotics and psychotic substances and other materials intended to support terrorism. |
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