In 2022, Sri Lanka plunged into its worst economic crisis since independence, triggering widespread protests and a popular uprising that forced President Gotabaya Rajapaksa from office. The crisis exposed deep-rooted failures in governance, public finance and economic management, eventually pushing the country into debt restructuring and an IMF-backed recovery programme.

Four years on, Sri Lanka has restored economic stability and regained access to international credit markets. But recovery has come at a significant social cost, with rising poverty, falling real wages and growing inequality. So what has Sri Lanka learnt from its crisis, and who has benefited from its recovery?

In this episode, we speak to Dr Nishan de Mel, Executive Director of Verité Research, about Sri Lanka's economic recovery, debt restructuring and political trajectory.



We discuss:

What caused Sri Lanka's economic crisis, and what can other countries learn from it?

We examine how mounting public debt, tax cuts, corruption and poor governance brought Sri Lanka to the brink of economic collapse

What does sovereign debt restructuring actually involve, and how did Sri Lanka navigate it?

Sri Lanka suspended debt repayments in 2022 before reaching agreements with its creditors in 2024. We explore how debt restructuring works, the role of the IMF and the lessons other developing countries can draw from Sri Lanka's negotiations.

Has Sri Lanka's recovery come at the expense of ordinary people?

While the country has made progress on economic stability, poverty has increased, real wages have fallen and the burden of restructuring has disproportionately affected lower-income groups. We examine how the costs of recovery have been distributed between creditors, businesses and ordinary citizens.

Can a left-wing government deliver meaningful economic and social change?

Sri Lanka's current government comes from a Marxist political tradition, but has largely embraced a middle-ground approach to economic policy. We examine its record on redistribution, pension funds, anti-corruption and governance, and whether it has a developmental vision beyond crisis recovery.

Is Sri Lanka building a more inclusive society?

We explore the expectations placed on the current government by Tamil and Muslim communities, the question of ethnic justice and what it would take to build a society where people of different backgrounds can participate as equals. 

Image Credit: Shutterstock

In 2022, Sri Lanka plunged into its worst economic crisis since independence, triggering widespread protests and a popular uprising that forced President Gotabaya Rajapaksa from office. The crisis exposed deep-rooted failures in governance, public finance and economic management, eventually pushing the country into debt restructuring and an IMF-backed recovery programme.Four years on, Sri Lanka has restored economic stability and regained access to international credit markets. But recovery has come at a significant social cost, with rising poverty, falling real wages and growing inequality. So what has Sri Lanka learnt from its crisis, and who has benefited from its recovery?In this episode, we speak to Dr Nishan de Mel, Executive Director of Verité Research, about Sri Lanka's economic recovery, debt restructuring and political trajectory.We discuss:What caused Sri Lanka's economic crisis, and what can other countries learn from it?We examine how mounting public debt, tax cuts, corruption and poor governance brought Sri Lanka to the brink of economic collapseWhat does sovereign debt restructuring actually involve, and how did Sri Lanka navigate it?Sri Lanka suspended debt repayments in 2022 before reaching agreements with its creditors in 2024. We explore how debt restructuring works, the role of the IMF and the lessons other developing countries can draw from Sri Lanka's negotiations.Has Sri Lanka's recovery come at the expense of ordinary people?While the country has made progress on economic stability, poverty has increased, real wages have fallen and the burden of restructuring has disproportionately affected lower-income groups. We examine how the costs of recovery have been distributed between creditors, businesses and ordinary citizens.Can a left-wing government deliver meaningful economic and social change?Sri Lanka's current government comes from a Marxist political tradition, but has largely embraced a middle-ground approach to economic policy. We examine its record on redistribution, pension funds, anti-corruption and governance, and whether it has a developmental vision beyond crisis recovery.Is Sri Lanka building a more inclusive society?We explore the expectations placed on the current government by Tamil and Muslim communities, the question of ethnic justice and what it would take to build a society where people of different backgrounds can participate as equals.&nbsp;Image Credit: Shutterstock

As they say, democracy doesn't begin and end at the ballot box. 
On Beyond the Ballot Box, we have in-depth conversations about political economy and human rights in Malaysia, Southeast Asia, and around the globe through a class prism.

As they say, democracy doesn't begin and end at the ballot box. On Beyond the Ballot Box, we have in-depth conversations about political economy and human rights in Malaysia, Southeast Asia, and around the globe through a class prism.

Beyond the Ballot Box

As they say, democracy doesn't begin and end at the ballot box. On Beyond the Ballot Box, we speak to politicians and analysts and explore burning issues and questions surrounding our fluid and ever-changing political scene.

As they say, democracy doesn't begin and end at the ballot box. On Beyond the Ballot Box, we speak to politicians and analysts and explore burning issues and questions surrounding our fluid and ever-changing political scene.