The recently proposed domestic debt-restructuring programme in Sri Lanka passes most of the burden of adjustment on to the salary owners and ordinary people while sparing the banking sector and treating international creditors and individual domestic creditors very generously. It provides a fertile ground for public resentment and discontent against stabilisation and structural adjustment reforms.

The author gratefully acknowledges incisive comments and suggestion made on the draft article by Sisira Jayasuriya who is a professor at Monash University.

Sri Lanka’s attempt to come out of its worst economic crisis since independence with reforms under the four-year Extended Fund Faculty (EFF) programme has entered a new phase with the announcement of the domestic debt-restricting plan on 29 June 2023.

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QOSHE - Sri Lanka’s Debt-restructuring Challenge - Prema Chandra Athukorala
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Sri Lanka’s Debt-restructuring Challenge

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05.05.2024

The recently proposed domestic debt-restructuring programme in Sri Lanka passes most of the burden of adjustment on to the salary owners and ordinary people while sparing the banking sector and treating international creditors and individual domestic creditors very........

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