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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 past week has been eventful for India’s Neighbourhood First policy, with the External Affairs Minister’s visit to Sri Lanka and the state visit of the President of Maldives to India. Rajiv Bhatia, Distinguished Fellow, Foreign Policy Studies, Gateway House and Amit Bhandari, Senior Fellow, Energy, Investments and Connectivity, Gateway House, analyse India’s regional outreach and recent economic and political changes in the subcontinent.
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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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A decade after its launch, China’s Belt and Road Initiative has slowed down in South Asia, the result of poorly conceived projects, and irresponsible behavior from borrower and lender alike.
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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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The economic agenda is the key issue in the Sri Lankan Presidential elections to be held on Sept 21. This island nation is seeking a return to prosperity through relief from onerous debt, reduced corruption, an effective bureaucracy, and constitutional and economic reforms. The five principal players in the race, however, have varied agendas that may not fulfil all of the people’s needs and desires.
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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.
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Asian nations like Sri Lanka have seen a rush of Russian and Ukrainian tourists over the last two years. They discover salubrious climes and overstay their visas to start small businesses. It has helped Sri Lanka boost tourism after its 2022 debt default but also created economic problems for locals. It is necessary to identify trade-offs between economic benefits and security threats associated with extended-stay tourism.
Courtesy: Business Standard
In April 2022, Sri Lanka defaulted on its foreign debts kicking off its worst economic downturn in over 70 years. In a paper for the Institute of South Asian Studies, Ganeshan Wignaraja examines key policy, the benefits of IMF support, and the role that Indian aid has played in Sri Lanka’s recovery while emphasising potential risks of its upcoming presidential and parliamentary elections.