Following independence from Britain, both India and Sri Lanka emerged as leaders of the Non-Aligned Movement, which sought to advance developing nations’ interests during the Cold War. Indeed, the term “non-alignment” was itself coined by Indian Prime Minister Jawaharlal Nehru during his 1954 speech in Colombo. The five principles of the
Author: Asoka Bandarage, IPS
IMF led privatization, land and resource grab in Sri Lanka
On September 1, 2022, debt-trapped Sri Lanka reached a preliminary agreement with the International Monetary Fund (IMF) for a 48-month Extended Fund Facility of $2.9 billion, which hardly covers the country’s outstanding debt, nor its immediate survival needs. Nevertheless, IMF structural adjustment requires the country to meet its familiar debt restructuring