Trade with Asia is a pathway for crisis-hit Sri Lanka
On 4 February 2023, Sri Lanka celebrated its 75th anniversary of independence from British rule. With the country amid a crippling economic crisis and a fall in per capita income, Sri Lankans have mixed views on whether there was much to celebrate. Sri Lankans do agree, however, on the need to re-double policy efforts to tackle the economic crisis and build a prosperous and inclusive economy for future generations. An IMF program is necessary to stabilise the economy and enable Sri Lanka to borrow prudently from abroad again but no panacea. As China is yet to provide assurances on debt sustainability, IMF Board approval of a $ 3.9 billion IMF program over four years may take some time. Trading more with dynamic Asia economies is a complementary pathway for Sri Lanka to earn foreign e...