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United Nations General Assembly
Economic and Financial Committee

Addressing the Ongoing Economic Crisis in Sri Lanka

The Economic and Financial Committee dealing with global financial and economic matters along with economic growth and development is the second of the six Main Committees of the United Nations General Assembly. 

 

Sri Lanka’s economy spiralled into crisis, the roots of which lie in economic mismanagement by successive governments that created and sustained a twin deficit - a budget shortfall alongside a current account deficit. But the current crisis was accelerated by deep tax cuts promised by Rajapaksa during a 2019 election campaign that was enacted months before the COVID-19 pandemic, which wiped out parts of Sri Lanka's economy; making it one of the worst crises to take place in decades. Sri Lanka's foreign currency reserves have virtually run dry, and it can no longer afford to pay for imports of staple foods and fuel. There have been numerous power cuts across the country and a lack of medicines has brought the health system to the verge of collapse. Daily life has become a struggle for most Sri Lankans as the price of many basic food items has skyrocketed due to limited supply. 

 

This committee provides the delegates a platform to present their opinions and ideas to safeguard the nation. Introducing the United Nations General Assembly's Economic and Financial Committee at Strawberry Fields High School Model United Nations 2022, with the agenda, “Addressing the ongoing Economic Crisis in Sri Lanka.”