Context: A series of positive developments in Sri Lanka have triggered hopes that it’ll eventually see through one of the worst economic crisis that it’s going through right now.
What are the positive developments?
On the political front, 17 new ministerial appointments were initiated by President Gotabaya Rajapaksa, suggesting an end to the political logjam.
Separately, Sri Lanka began bailout talks with IMF. These talks were backed by India, and the first step is a Rapid Financing Instrument, which provides help before a restructuring plan is finalised.
There’s a long way to go to attain normalcy but a start has been made.
|To know about the causes of Sri Lanka’s economic crisis, please visit this link.|
Source: This post is based on the article “Not just dollars: Sri Lanka needs deep economic reforms to dig its way out of the crisis” published in The Times of India on 21st Apr 22.