IMF says the economic situation in debt-stricken Sri Lanka is gradually improving
The International Monetary Fund says the economic situation in debt-stricken Sri Lanka is improving gradually from the country's worst economic crisis two years ago
By BHARATHA MALLAWARACHI
Published - Mar 21, 2024, 10:45 PM ET
Last Updated - Mar 21, 2024, 11:24 PM EDT
COLOMBO, Sri Lanka (AP) — The economic situation in debt-stricken Sri Lanka has started to gradually improve following its worst economic crisis two years ago, the International Monetary Fund said Thursday.
Inflation has come down from a peak of 70% in 2022 to 5.9% last month and the country's economy expanded in the second half of last year following a year and a half of contraction, the IMF said.
IMF said last year that Sri Lanka's crisis-hit economy that contracted 3 percent in 2023 was likely to return to growth in 2024.
