Asia Council asks Japan and South Korea to help Sri Lanka

The Asia council’s Forum for Asian Economic Cooperation comprising regional leaders of the continent, has requested Japan and South Korea to help Sri Lanka overcome the ongoing economic crisis.The Forum said in a statement that Sri Lanka is facing an unprecedented economic collapse, with inflation hitting a record high of 60.8% in July and the country is still facing severe food, fuel and medicine shortages amid depleted foreign exchange reserves.The Forum noted that Sri Lanka is known for its excellent human development record, especially education and health sector. It has a very effective demographic. The country has shown strong economic growth till 2019.

Japan and South Korea are Asia’s second and fourth largest economies, and are largely seen as the vanguard of the continent’s prosperity.The Forum for Asian Economic Cooperation of the Asia Council says it is imperative for Japan and South Korea to help Sri Lanka stabilize its economy, carry out rapid reforms and strengthen its democratic institutions.The Forum has further stated that the people of Sri Lanka definitely deserve a better and brighter future.