Silence on West Asia has not shielded India’s economy
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Sri Lanka's new leftist leader, Anura Kumara Dissanayake, has limited room to renegotiate the IMF bailout deal that imposed austerity measures on the country. Dissanayake's party has assured markets and creditors that it will adhere to the broad strokes of the bailout deal, but analysts say any tweaks will be minor.
Sri Lanka's new leader, Anura Kumara Dissanayake, won the presidential vote promising to reverse steep tax hikes and renegotiate the IMF rescue package. The IMF deal, worth $2.9 billion, includes a ban on printing money and revenue and spending targets. Dissanayake's party has assured markets that it will adhere to the deal. The new leader faces a challenge in securing a parliamentary endorsement for a debt restructuring deal with international bondholders. Failure to secure the deal's passage could open Sri Lanka to legal action from its creditors. Dissanayake has called for snap polls to capitalize on his landslide win.
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