Asian Economy: Overview, Growth and Development- Sri Lanka's debt restructuring challenge.

The Sri Lankan economy has begun to show signs of recovery from its worst economic crisis since independence following the US$2.9 billion International Monetary Fund (IMF) reform program that commenced in late March 2023.

Sri Lanka's foreign exchange buffers have improved thanks to the first instalment of the IMF loan, supplemental funding from the Asian Development Bank and the World Bank and rising migrant worker remittances and tourist arrivals. This has permitted the government to lift restrictions on essential imports. Inflation is gradually dissipating and long queues at fuel stations and mass street protests have ended. But the government's arduous task of achieving durable economic stability and putting...