Developing Economies Call for Global Action to Contain Risks – Minister Mangala Samaraweera

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Concern over rising risks to emerging market economies were centre stage this week as global Finance Ministers and Central Bank Governors gathered in Bali, Indonesia yesterday. Bali hosted both the biannual Ministerial Meeting of the Group of Twenty-Four (G-24) developing countries and the annual meetings of the International Monetary Fund and World Bank Group officials.

“Global growth continues broadly but risks are rising for developing economies with higher oil prices, rising interest rates, high debt levels and the threat of trade war as top concerns,” said Mangala Samaraweera, Minister of Finance and Media for Sri Lanka and Chairman of the G-24. “We urge major powers to reform and reinforce rather than discard the rules-based global trading system,” Samaraweera said.

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