Poging GOUD - Vrij
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.

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.
Dit verhaal komt uit de November 08, 2024-editie van The Morning Standard.
Abonneer u op Magzter GOLD voor toegang tot duizenden zorgvuldig samengestelde premiumverhalen en meer dan 9000 tijdschriften en kranten.
Bent u al abonnee? Aanmelden
MEER VERHALEN VAN The Morning Standard
The Morning Standard
Israel orders evacuation of Gaza City hosp
ISRAELI forces showed no signs of relenting on their new ground offensive in Gaza City on Monday as world leaders gathered in New York for the United Nations General Assembly and more countries prepared to join the surge of nations recognising a Palestinian state.
1 min
September 23, 2025

The Morning Standard
Op Kavach: Cops raid 2K spots in city
UNDER \"Operation Kavach 10.0\", the Delhi Police has arrested 120 drug peddlers in 96 NDPS cases while recovering of a substantial quantity of drugs, along with Rs 21 lakh cash. Police conducted raids at 2,003 locations across the capital and arrested over 800 people for different offences.
1 mins
September 23, 2025
The Morning Standard
JMI stir over detention of students
STUDENTS at Jamia Millia Islamia (JMI) organised a protest in response to detentions during a march held on Monday to mark the 17th anniversary of the Batla House encounter.
1 min
September 23, 2025
The Morning Standard
Multi-level electric bus depot soon
Facility to house 384 electric buses | NextGen GST reforms yielding tangible benefits, says CM.
1 mins
September 23, 2025
The Morning Standard
HC seeks varisty reply in plea on EVM tampering in DUSU polls
THE Delhi High Court on Monday sought the response of the chief election officer of Delhi University Students' Union on a plea challenging the result of the recently held DUSU polls in the capital.
1 min
September 23, 2025
The Morning Standard
Waste chokes Munak Canal stretch
Govt to rope in contractor in first phase of cleanup to transfer 48,782 metric tonnes of garbage
2 mins
September 23, 2025
The Morning Standard
3 held for duping people in fake govt programmes
THREE men were arrested for allegedly luring people to register as vendors in the 'Rashtriya Gramin Saksharta Mission' (RGSM), which they falsely projected as a Government of India scheme. Under this, vendors were assigned to supply school uniforms for students from underprivileged sections in various states, police said.
1 min
September 23, 2025
The Morning Standard
Jaishankar discusses issues of 'current concern' with Rubio
EXTERNAL Affairs Minister S Jaishankar and US Secretary of State Marco Rubio on Monday held their first in-person meeting ever since Washington imposed steep tariffs on key Indian exports over New Delhi's continued purchases of Russian oil.
1 min
September 23, 2025
The Morning Standard
No splurging on Diwali gifts this season: FinMin to govt depts
THE central government ministries and departments will have a frugal Diwali this year.
1 min
September 23, 2025
The Morning Standard
Britain weighs waiving visa fees to attract global talent
THE UK government is looking at bolstering a drive to attract global talent with a possible visa fee waiver to support the world's top science and tech talent relocation to the country, a media report said on Monday.
1 min
September 23, 2025
Listen
Translate
Change font size