Bogollagama Calls for Fair Lending Practices
Foreign Minister Rohitha Bogollagama has urged international financing agencies to provide special concessional terms and conditions when lending to developing countries. Speaking at the pre-Commonwealth Heads of Government Meeting (CHOGM) on November 25th in Port of Spain, Trinidad & Tobago, Bogollagama noted that the global liquidity conditions have yet to recover to pre-crisis levels, with many Commonwealth countries finding it difficult to raise the required external funding through multilateral and other donor agencies.
Accordingly, Bogollagama said that financing agencies should be encouraged to lend to developing countries under concessional terms and conditions where possible. He added that developed countries must ensure that policy decisions taken by them do not add to the hardships faced by people in developing countries.