This piece was written by Umesh Moramudali for Arutha in partnership with Factum. The original article appeared in The Morning newspaper. While Sri Lanka has achieved a sense of economic stability compared to the previous year, economic mismanagement has pushed many people into poverty. According to World Bank estimates, approximately 25% of the people in…
This piece was written by Thisuri Rojie Ekanayake for Arutha in partnership with Factum. The original article appeared in The Morning newspaper. The failure to tackle poor governance has long since been a thorn in the side of Sri Lanka’s developmental efforts. Governance issues linked to the economy have become especially relevant in recent times…
By Thisuri Rojie Ekanayake In the months since Sri Lanka was officially recognized as a country in default, surging prices, shortages and looming uncertainties have left the citizens to grapple with the uncomfortable question of how this all came to be. One aspect of the crisis that has garnered public criticism is the substantial expenses…
While Sri Lanka’s debt obligations to China have often been misinterpreted, the fact remains that China is Sri Lanka’s largest bi-lateral creditor. For this very reason, China plays a key role in Sri Lanka’s debt restructuring process. A review of Chinese lending history in the country, particularly its recent offering of direct budgetary financing in 2018…
Since the 1990s, successive Sri Lankan governments committed three cardinal sins, which may be forgivable on their own, but together form an unholy trinity of economic disaster…
Reforms have been sidestepped so far by successive governments due to their political ideologies and fears of upsetting the status quo, creating the explosive crisis that is currently threatening the wellbeing of their citizens.
By Ranmalee Nanayakkara The current economic crisis is an unprecedented one – but nevertheless, it is a crisis that has been in the making for the past 70 years. At the time of independence, Sri Lanka’s performance in most major socio-economic indicators was second only to Japan in Asia and over the decades, country’s economy…
On 12 April 2022, for the first time in its history, Sri Lanka defaulted on its sovereign debt. There are many reasons as to why we are here and many people and institutions to take the blame. But there is also a lot of misunderstanding and misinformation about the current economic crisis. Our mission at…
