Political parties in Sri Lanka met Sunday morning, facing intense pressure to quickly form an interim government after the country’s president and prime minister agreed to step down following fierce anti-government protests.
Experts say Sri Lanka is experiencing stagflation – a period marked by slow growth and high unemployment accompanied by rising prices. The current negative growth could touch minus 4-6 percent later this year, some forecasts suggest, worse than the Covid hit to the economy in 2020. The Russian invasion of Ukraine that has sent global fuel and food prices soaring has exacerbated the country’s woes.
The first step forward for Sri Lanka is the IMF program, Wignaraja said, which will include “higher taxes, raising interest rates to stabilize inflation and cutting down on public subsidies like electricity and power.”“Step two is economic reforms [such as] lowering barriers to foreign investors,” he said. “My biggest fear is this could be a lost decade and all the gain made in poverty reduction could be reversed.”Many have resorted to eating less or skipping meals altogether.
Namal Ratnayake, 40, was part of the protesting crowd that marched toward the president’s office. The last few months had been devastating for the a wedding photographer, with income drying up and no fuel to get around for assignments.
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