Sri Lanka says many countries cannot address climate risks and financial risks on their own

Due to high risk of debt distress, fiscal situation not only constrains the ability of governments to meet immediate development needs but also limits their ability to invest in longer-term challenges, such as climate change, says State Minister of Finance Shehan Semasinghe.

The State Minister, who is in Washington D.C. for the IMF and World Bank meetings, presented at the ‘V-20 Ministerial Dialogue’ held during the WB annual meetings.

He said that “climate change today is a global reality that has brought forth unprecedented changes to the environment, natural ecosystems, and biodiversity and significantly disrupted socio-economic processes across many economies”.

“Sri Lanka also has been ranked among the countries that are most vulnerable to climate change in the global climate change risk index. The UN-IPCC Sixth Assessment Report shows that the intensified water cycles due to climate change are bringing more intense rainfall and associated flooding, changes in rainfall patterns and monsoon precipitation in many regions of the world.”

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