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Austerity measures are on trial in Sri Lanka’s first election since its economic collapse
EXPERT COMMENT
The economy will be the key issue for voters in Sri Lanka’s upcoming presidential election, set against a backdrop of geopolitical rivalry.
When Sri Lanka heads to the polls on 21 September in the country’s first presidential election since its 2022 economic meltdown, the economy will be the key issue for voters. The election will serve as a referendum on the difficult austerity measures imposed on the country’s road to recovery.
Sri Lanka underwent a sovereign default in April 2022 as its foreign exchange reserves ran out and public debt stood at more than $83 billion, half of which was owed to foreign creditors. Soaring inflation at close to 70 per cent and commodity shortages triggered large-scale unrest that ultimately unseated President Gotabaya Rajapaksa from power.
In 2023, the government of Interim President Ranil Wickremesinghe secured a $2.9 billion bailout from the IMF – the 17th in the country’s history.
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Original article link: https://www.chathamhouse.org/2024/09/austerity-measures-are-trial-sri-lankas-first-election-its-economic-collapse
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