At the 55th Annual Meeting of the Asian Development Bank’s Board of Governors in the Philippines on Thursday, Sri Lankan President Ranil Wickremesinghe said that apart from domestic factors, geopolitical developments have also contributed to the economic crisis being faced by Sri Lanka. Wickremesinghe noted that as this global rivalry intensifies into a new cold war by 2050, the inability of the major countries to give leadership to the mitigation of the global climate change crisis will become more apparent. As they say in many of our countries, when the elephants fight, it is the grass that gets crushed. This is the predicament of many of our member countries. As a result, in order to address the major threats to our existence, we must overcome geopolitical rivalries; otherwise, we will all fail, resulting in regional instability reminiscent of Europe after World War I.On the other hand, our ability to successfully meet these challenges will lead to remarkable progress in raising the living standards of our people through the rise of the economies of our member countries, "the Lankan President said." The ADB’s Strategy 2030 seeks to respond to global challenges, including climate change and natural disasters, and food and energy insecurity, whilst also embracing opportunities in the digital economy, sustainable energy, and leveraging technology for inclusive education and healthcare, the President noted. "The ADB has a crucial role in helping to shape and finance policies that improve people’s lives and livelihoods across Asia and the Pacific."