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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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President Droupadi Murmu made state visits to Algeria, Mauritania, and Malawi from 13-19 October. It was the first-ever visit by an Indian head of state to these African nations, reflecting New Delhi's interest in strengthening its multidimensional strategic partnership with the continent. It also provides an opportunity to understand and respond to the needs of nations in the Global South.
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Maldivian President Muizzu's state visit to India last week was marked by discussions on a Free Trade Agreement, a vision document on maritime security cooperation, and five MOUs. India committed to supporting the Maldives’ development goals, while the Maldives pledged to respect India's security concerns in the Indian Ocean. Hopefully, this mutuality of interests will be the principal driver in the bilateral as it implements joint visions of economic and strategic cooperation.
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The breakdown of the Doha negotiations at the World Trade Organization and ongoing wars in Ukraine and West Asia have led to rising protectionism, which disproportionately affects developing countries. This policy brief recommends how the G20, representing nearly 75% of international trade, can leverage its position to advance a non-discriminatory, sustainable, and transparent multilateral trading system for low and middle-income countries.
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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 9th China-Africa Summit, held in Beijing from September 4-6, reflected China’s long-held view that Africa is vital to the world’s future, and therefore to the conduct of Chinese foreign policy. As China expands its strategic footprint on the continent, there is much for India to learn. It must adopt a proactive approach and back its economic and diplomatic initiatives with sustained political will.
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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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Bangladesh’s economy has been in distress for some time and is not doing as well as assumed. This could have been one of the factors that drove the protests and the subsequent coup.
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The Quad foreign ministers meeting, held in Tokyo on July 29, took a clear position against China’s coercive actions in the East and South China seas. The four ministers have done their bit by reviewing the progress of the grouping’s many initiatives and reiterating its commitment to a free and open Indo-Pacific. For continued progress, the Quad now needs solid initiative from the top leadership – and a summit at the earliest.
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China and India both give great importance to their neighbours – the former through its Friendly Neighbourhood policy, the latter through Neighbourhood First. Although China has been increasing its influence in the region, narratives that say that India is losing out to China lack in-depth analysis. To deduce the future trajectory of China in South Asia, it is important to study both China’s and India’s relations with each of these countries, as also with each other.