The IMF’s Evolving Role in Sri Lanka Amidst Increasing Chinese Investments and Great Power Competition
Introduction Sri Lanka's widely-discussed economic crisis, which resulted from a combination of policy missteps, culminated in the country's default on its foreign debt repayments in April 2022. In response, Sri Lanka embarked on its 17th Extended Fund Facility (EFF) with…
Revisiting The Washington Consensus in South Asia
For most of the three decades after the end of the Cold War, economic “experts” and governments across large parts of the non-western world preached the gospel of the “Washington Consensus,” a set of social and economic policies centering the…
Pakistan and the IMF: Ongoing Politicization and a Burgeoning Trust Deficit
Arriving in Pakistan in February 2023, the IMF mission stood ready to complete its ninth review of the program, which had been pending since December 2022. Prior to signing a staff-level agreement, negotiations revealed that the IMF had urged Pakistan…
The IMF’s Role in Shaping India’s Current Economic Outlook
The birth of the IMF and an independent India occurred in close parallel. As the world saw an end to WWII and sought to rebuild, India, too, was trying to rejig its economic coffers after two centuries of colonial rule.…
Political and Economic Controversies Surround Bangladesh’s IMF Loan
Rumors that Dhaka was seeking a $4.5 billion loan from International Monetary Fund (IMF) first surfaced in June 2022. The government of Bangladesh, under the control of the Awami League, initially dismissed the news. At the same time, the opposition claimed that the IMF would…
The Real Cause of Sri Lanka’s Debt Trap
Sri Lanka’s debt default – announced in April of last year amid foreign currency shortages that had triggered rolling blackouts, fuel queues, and street protests – has been subject to endless debate by local and international observers. The root causes…