The world’s poor should not be paying the price for disagreements among the world’s largest creditors. But that will continue to happen until the international community – especially the United States, China, and other major IMF shareholders – strengthens and streamlines the debt-restructuring process.
WASHINGTON, DC – When Sri Lanka’s economic crisis burst into international headlines a year ago, it had already been worsening for many months. Critical fuel shortages prevented people from going to work, and consumer goods could not be distributed. With imports having virtually ceased, medicines and other essential goods were scarce or entirely unavailable. By July, starving people mobbed the presidential palace. The president had already fled the country.
WASHINGTON, DC – When Sri Lanka’s economic crisis burst into international headlines a year ago, it had already been worsening for many months. Critical fuel shortages prevented people from going to work, and consumer goods could not be distributed. With imports having virtually ceased, medicines and other essential goods were scarce or entirely unavailable. By July, starving people mobbed the presidential palace. The president had already fled the country.