Two years after a financial meltdown sparked mass protests and brought down the federal government, the island nation is in much better shape, though major challenges remain.
The IMF has been disbursing funds in small tranches for the last two years as Colombo negotiates debt restructuring deals with key lenders, including China, which is Sri Lanka’s biggest creditor. Photo: AFPfor just a few litres of petrol. Medicines aren’t in short supply anymore, and no mass protests are taking place against the government.
Inflation soon caught up, and so did interest rates, which more than doubled in a short period of time. “Increased taxes under the IMF reforms have burdened lower- and middle-income earners, with nearly 900,000 electricity connections disconnected due to non-payment,” he tells“Overall, poverty has increased by more than 20 percent, with many families going without three meals a day,” adds Abeyagoonasekera, who served as IMF technical adviser to Sri Lanka Governance Diagnostic Report, a structural benchmark under the ongoing loan programme.
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