A visiting U.S. diplomat on Sunday urged Sri Lankan authorities to tackle corruption and introduce governance reforms alongside efforts to uplift the country's economy as a way out of its worst crisis in recent memory.
S. diplomat on Sunday urged Sri Lankan authorities to tackle corruption and introduce governance reforms alongside efforts to uplift the country's economy as a way out of its worst crisis in recent memory.
“Assistance alone would not put an end to this country's woes,” Power said. “I stressed to the Sri Lankan president in my meeting earlier today that political reforms and political accountability must go hand in hand with economic reforms and economic accountability.” Agricultural yields dropped by more than half for the past two cultivation seasons because authorities had banned the imports of chemical fertilizers ostensibly to promote organic farming. She said that according to the World Food Program, more than 6 million people — nearly 30% of Sri Lanka’s population — are currently facing food insecurity and require humanitarian assistance.
Sri Lanka has faced its worst crisis after it defaulted on foreign loans, causing shortages of essentials like fuel, medicines and some food items.It has reached a preliminary agreement with the International Monetary Fund for a $2.9 billion package to be disbursed over four years. However, the program hinges on Sri Lanka's international creditors giving assurances on loan restructuring. Sri Lanka's total foreign debt is more than $51 billion of which $28 billion must be repaid by 2027.
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