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Sri Lanka’s new President Dissanayake is facing his first big test – rising rice prices. High import tariffs and a powerful rice mafia given to hoarding of the staple, are compounded by other market distortions. Can he balance urban consumer demands with rural farmer interests? Either way, his options are limited.
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Sri Lanka's sovereign debt default in April 2022 triggered a paralyzing economic crisis. Steep inflation and widespread financial uncertainty hampered any efforts at recovery. The economy is now showing signs of stabilization. Internally focused government policies, foreign investment, aid from development partners like India and the U.S., and the IMF’s recovery program have set Sri Lanka on the path to recovery and, hopefully, eventual economic success.
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The new Sri Lankan government led by President Anura Kumar Dissanayake held its first meeting with the International Monetary Fund on October 3, to discuss further debt relief. Dissanayake, who overcame voter apprehension in the country’s presidential elections held two weeks ago, now has a historic opportunity to bring Sri Lanka out of the crisis and enable a compassionate and efficient transformation.
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The presidential election in Sri Lanka on September 21 is the country's first since its economic crisis of 2022. Dr S D Muni, Professor Emeritus at the School of International Studies, Jawaharlal Nehru University, discusses major issues on the ballot, principal candidates in the race and their policies, long-term social and political trends, and takeaways for the Sri Lankan parliamentary elections due later this year.
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Sri Lanka’s sovereign debt default in 2022 triggered the worst economic crisis in the country’s post-independence history. By mid-2024, the economy started showing signs of recovery, with a performance higher than other debt-defaulting nations and exceeded IMF expectations. The current stable path, however, is not enough. Sri Lanka needs to shift its economic trajectory from one of debt distress to sustained growth over the next few years.
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The authors convincingly analyse the bewildering diversity, size and scale of the challenges of South Asia in a volume that is a rare treasure for those interested in deciphering the history, ethnic identities, colonial legacy, political economy, environmental risks, and geopolitical dynamics of the region.
Courtesy: zeenews
Sri Lanka's crippled economy requires immediate and robust reforms. India faced similar adversity when PV Narasimha Rao pulled the country out of the economic crisis in 1991. Will new president Ranil Wickremesinghe follow the example of India's 1991 reforms to save his country and economy?
Sri Lanka is experiencing an economic, political and strategic crisis it has never had before. The situation is fragile – but a creative solution and determined national interest can help return the island nation to stability and growth. Amb. Rajiv Bhatia, in conversation with economist Dr Ganeshan Wignaraja on how Sri Lanka came to the current condition, and the remedies to adopt.
Courtesy: Gateway House
Low global commodity prices, strong FDI inflows, and sustained growth have boosted the Indian economy in the preceding decade. This favourable economic climate, however, was disrupted by the pandemic and the crisis in Ukraine, exposing vulnerabilities in the global economic system. This paper focuses on India’s economic security challenges, particularly in six sectors - Food, Energy, Finance, Data, Space & Undersea Cables and Critical Minerals - and suggests possible courses of action.
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Pakistan’s latest economic survey reveals the extent of the country’s indebtedness to China. High-interest Chinese loans, reckless multilateral borrowing, and ever-increasing defence budgets have deleteriously impacted Pakistan’s finances. Any lasting solution to these problems will have to involve China.
