Mit Magzter GOLD unbegrenztes Potenzial nutzen

Mit Magzter GOLD unbegrenztes Potenzial nutzen

Erhalten Sie unbegrenzten Zugriff auf über 9.000 Zeitschriften, Zeitungen und Premium-Artikel für nur

$149.99
 
$74.99/Jahr

Versuchen GOLD - Frei

HAS THE IMF REALLY BAILED SRI LANKA OUT OF DISTRESS?

The Morning Standard

|

November 08, 2024

WO and a half years after Sri Lanka announced a sovereign default on all its foreign debt of about $51 billion and sought a rescue package from the International Monetary Fund (IMF), two pertinent questions arise.

- BISWAJIT DHAR

HAS THE IMF REALLY BAILED SRI LANKA OUT OF DISTRESS?

The first is whether IMF's Extended Fund Facility (EFF) provided to Sri Lanka in March 2023, a four-year bailout package of about $3 billion, has been able to put the country onto a sustainable path of recovery from its worst ever post-independence economic crisis. After all, the IMF had extended the support to the crisis-stricken country to "restore macroeconomic stability and debt sustainability, safeguarding financial stability, and stepping up structural reforms".

Secondly, has the IMF programme put Sri Lanka on a path of reducing debt distress?

The announcement of debt default meant the country, once an unqualified economic success story in South Asia, was facing an unprecedented economic crisis since the Covid-induced downturn. Sri Lankan economy had shrunk by about 8 percent in 2022, while the inflation rate was galloping at over 50 percent. Foreign exchange reserves had suffered a precipitous fall since the end of 2020 and was below $2 billion at the end of March 2022, enough for just 10 days of imports, as against a 3-month import cover the IMF considers adequate.

These downsides created shortages of essentials, including food and fuel. But more importantly, it increased the number of people below the poverty line by about half a million in 2021. Based on the Household Income and Expenditure Survey of 2022, the Department of Census and Statistics estimated that about 60 percent of total households were below the poverty line.

WEITERE GESCHICHTEN VON The Morning Standard

The Morning Standard

Buddha’s sacred relics to be displayed in Russia's Kalmykia for first time

THE sacred relics of the Buddha preserved in Delhi's National Museum will be taken to Russia's Kalmykia Republic for the first-ever exposition beginning Wednesday, the Ministry of Culture said in a statement.

time to read

1 mins

September 23, 2025

The Morning Standard

The Morning Standard

'A deal will happen after Trump says done'

Mark Linscott, former Assistant US Trade Representative, talks about the persistent roarblocks for trade pact

time to read

2 mins

September 23, 2025

The Morning Standard

Socio-economic survey begins in K'taka, teething problems on 1st day

THE Socio, Economic and Educational Survey-2025 by the Karnataka State Commission for Backward Classes encountered many hiccups, including a PIL before the high court seeking postponement, and got off to a slow start on its first day on Monday.

time to read

1 mins

September 23, 2025

The Morning Standard

Tariff hits India's merchandise exports to US

Smartphone exports to US fall 58% in 3 months

time to read

1 mins

September 23, 2025

The Morning Standard

Passenger on B’luru-Varanasi flight tries to enter cockpit

A passenger on an Air India Express flight (IX-1086) from Bengaluru to Varanasi on Monday attempted to enter the aircraft’s cockpit, claiming that he tried to open it by mistake as he isa first-time flyer and was looking for the toilet, sources said.

time to read

1 min

September 23, 2025

The Morning Standard

Salman, Aamir to appear in Kajol-Twinkle talk show

ALMAN Khan and Aamir Khan are set to be the first guests appearing on the upcoming Amazon Prime talk show, Two Much with Twinkle and Kajol.

time to read

1 min

September 23, 2025

The Morning Standard

Pannun aide & Khalistani terrorist detained, booked under arms act in Canada

KHALISTANI terrorist Inderjit Singh Gosal, a close aide of designated terrorist Gurpatwant Singh Pannun of the banned Sikhs for Justice (SFJ), has reportedly been arrested in Canada, intelligence sources have claimed.

time to read

1 min

September 23, 2025

The Morning Standard

The Morning Standard

Meet 15-year-old archer Gatha, who made waves at Archery World Championships

ON a humid evening in Gwangju, Korea on September 12, 15-year-old recurve archer Gatha Khadake was living her dream in the Archery World Championships.

time to read

2 mins

September 23, 2025

The Morning Standard

Suspense over Phytosaur fossil in Jaisalmer village

SUSPENSE and excitement continue to mount in Megha village in Fatehgarh subdivision of Jaisalmer district where ancient fossilised remains were recently unearthed near Harpal’s pond.

time to read

1 mins

September 23, 2025

The Morning Standard

Rahul, Kharge to attend CWC meeting in Patna on Sept 24

THE Congress will hold an extended meeting of its Working Committee (CWC) in Patna on September 24 as part of a show of strength and its bid to regain lost ground in Bihar since the 1990s. Party sources said the focus will be on Bihar, campaign strategy, future polls and alleged “vote chori.”

time to read

1 min

September 23, 2025

Listen

Translate

Share

-
+

Change font size