Sri Lankan President Anura Kumara Dissanayake celebrated the country's 77th Independence Day, pledging to improve living standards and drive economic recovery. Sri Lanka faced its worst economic crisis in 2022, leading to bankruptcy and debt restructuring. The International Monetary Fund approved a bailout package in 2023, and the country has made progress in stabilizing its economy.
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Addressing a ceremony in the capital, Colombo, he urged Sri Lankans to work together to win economic, social and cultural freedom, saying, “Everyone has a role to play in this struggle.”International Monetary Fund , which approved a $2.9 billion four-year bailout package in 2023, under which Sri Lanka was required to restructure its debt.
In September, Sri Lanka announced it had concluded the debt restructuring process after reaching agreements with bilateral and multilateral creditors and private bond holders.Sri Lanka’s crisis was largely the result of economic mismanagement combined with fallout from the COVID-19 pandemic, along with 2019 terrorism attacks that devastated its important tourism industry. The pandemic also disrupted the flow of remittances from Sri Lankans working abroad.
Sri Lanka Independence Day Anura Kumara Dissanayake Economic Crisis IMF Bailout
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