A year after angry Sri Lankans stormed the president's residence and forced his ouster during a meltdown of the economy, the island's streets are calm, there are no serpentine queues at fuel stations and hours-long power cuts have ended.
this quarter after six quarters of contraction - faster than expected by many economists - while overseas remittances are surging and tourist numbers are rising.
"Inflation is tapering off but compared to pre-crisis levels, the cost of living is very high and incomes have not kept up. The bulk of Sri Lanka’s poor people are daily wage earners, and they are among the hardest hit." After weeks of protests and a steady worsening of the crisis, President Gotabaya Rajapaksa fled overseas, formally stepping down on July 13. He was replaced as president by his prime minister, Ranil Wickremesinghe, who brought in reforms and negotiated a $2.9 billion bailout from the International Monetary Fund in March.
Food inflation hit a record high of 95% in September and although it has come down, June's reading of 4.1% means prices are still rising. Clothing prices increased 44% on the year in June, housing 26% and medical 16%. "We are in a default situation in Sri Lanka," Padmasiri told Reuters. "Cash transfers will be given for three years and people need to develop and move forward during this time. The payments are not permanent ... we cannot afford it."A 30% rise in tourism revenues this year and a 76% jump in remittances have funnelled $3.2 billion into Sri Lanka's coffers, helping reserves hit a 14-month high of $3.5 billion in May, and the currency appreciate by about 18% this year.
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