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.

What Does the Future Hold For Sri Lanka?

It's been almost four years since the MADANI government formed after the 2022 General Election. As we know, while Pakatan Harapan won the most seats, no coalition or party reached a simple majority, so parties that had spent years on opposite sides of the political divide found themselves governing together, with former rivals now sharing power in the name of stability. But as we approach the next general election, questions remain about how much this government, which is led by Dato Seri Anwar Ibrahim, has delivered on its promises of reform, and whether it has managed to improve the lives of ordinary Malaysians. 

As we approach the next general election, how should we assess the MADANI government? Has it made the most of the opportunities available to it, or has the pursuit of stability come at the expense of meaningful reform?



In this conversation, we discuss:

How has the MADANI government navigated Malaysia's fractured political landscape?

The formation of the unity government required parties that had spent years campaigning against one another to find common ground. We examine the political manoeuvring behind this arrangement, the importance of stability after the upheavals of 2018 to 2022, and more.

Has the government compromised too much in the name of political stability?

We discuss whether Pakatan Harapan has sacrificed too much of its reform agenda to remain in power, and whether the government has adequately explained what its coalition partners can realistically agree on.

What has happened to the Reformasi agenda?

After decades of campaigning for institutional reform, Anwar Ibrahim is now Prime Minister. Yet questions remain about progress on reforms such as parliamentary term limits and the separation of powers, as well as the government's willingness to spend political capital on difficult changes. Has the government moved in the right direction, and how should we judge its record against the promises that brought it to power?

Has the government improved the lives of ordinary Malaysians?

Political stability and institutional reforms matter, but so do wages, affordability, fuel subsidies, taxation and economic opportunities. We examine the government's economic direction, its efforts to ease cost-of-living pressures, and whether its policies are making a meaningful difference to the everyday lives of Malaysians.

Does the MADANI government have a compelling political vision for Malaysia?

Beyond managing crises and balancing coalition interests, what kind of country is this government trying to build? We discuss whether Anwar has articulated a vision capable of capturing the public imagination, particularly on questions of national identity, economic development and the common good. Has the government allowed its political narrative to be defined by its opponents, or can it offer a more convincing alternative to exclusionary identity politics?

Should power be more decentralised, and what does that mean for Malaysia's future?

From empowering local councils to reconsidering federal-state relations, we explore whether greater decentralisation could make government more responsive to people's needs, and what reforms would be necessary to make it work.

Ultimately, how should we rate the MADANI government?

As GE16 approaches, we consider what the government has achieved, where it has fallen short, and what its record tells us about the possibilities and limitations of governing through a broad coalition.

Image Credit: Shutterstock

It's been almost four years since the MADANI government formed after the 2022 General Election. As we know, while Pakatan Harapan won the most seats, no coalition or party reached a simple majority, so parties that had spent years on opposite sides of the political divide found themselves governing together, with former rivals now sharing power in the name of stability. But as we approach the next general election, questions remain about how much this government, which is led by Dato Seri Anwar Ibrahim, has delivered on its promises of reform, and whether it has managed to improve the lives of ordinary Malaysians.&nbsp;As we approach the next general election, how should we assess the MADANI government? Has it made the most of the opportunities available to it, or has the pursuit of stability come at the expense of meaningful reform?In this conversation, we discuss:How has the MADANI government navigated Malaysia's fractured political landscape?The formation of the unity government required parties that had spent years campaigning against one another to find common ground. We examine the political manoeuvring behind this arrangement, the importance of stability after the upheavals of 2018 to 2022, and more.Has the government compromised too much in the name of political stability?We discuss whether Pakatan Harapan has sacrificed too much of its reform agenda to remain in power, and whether the government has adequately explained what its coalition partners can realistically agree on.What has happened to the Reformasi agenda?After decades of campaigning for institutional reform, Anwar Ibrahim is now Prime Minister. Yet questions remain about progress on reforms such as parliamentary term limits and the separation of powers, as well as the government's willingness to spend political capital on difficult changes. Has the government moved in the right direction, and how should we judge its record against the promises that brought it to power?Has the government improved the lives of ordinary Malaysians?Political stability and institutional reforms matter, but so do wages, affordability, fuel subsidies, taxation and economic opportunities. We examine the government's economic direction, its efforts to ease cost-of-living pressures, and whether its policies are making a meaningful difference to the everyday lives of Malaysians.Does the MADANI government have a compelling political vision for Malaysia?Beyond managing crises and balancing coalition interests, what kind of country is this government trying to build? We discuss whether Anwar has articulated a vision capable of capturing the public imagination, particularly on questions of national identity, economic development and the common good. Has the government allowed its political narrative to be defined by its opponents, or can it offer a more convincing alternative to exclusionary identity politics?Should power be more decentralised, and what does that mean for Malaysia's future?From empowering local councils to reconsidering federal-state relations, we explore whether greater decentralisation could make government more responsive to people's needs, and what reforms would be necessary to make it work.Ultimately, how should we rate the MADANI government?As GE16 approaches, we consider what the government has achieved, where it has fallen short, and what its record tells us about the possibilities and limitations of governing through a broad coalition.Image Credit: Shutterstock

MADANI Government: Yay or nay?

For decades, many developing countries have relied on exporting raw materials to drive economic growth. But when countries export commodities without developing the industries to process them, how much of the wealth actually stays in their economies?

Indonesia is attempting to change this through hilirisasi, or downstream industrialisation: a strategy to move beyond exporting raw materials towards domestic processing and manufacturing. 

In this episode, we speak to Faris Abdurrachman, Executive Director and Lead Economist at Industrial Policy Lab Indonesia, about Indonesia's development strategy.

In this conversation, we discuss:

Why is it so difficult for developing countries to move up the value chain?

Many countries in the Global South remain heavily reliant on exporting commodities and raw materials. We explore the barriers to developing more sophisticated industries, including access to technology, financing and foreign expertise, and why moving into higher-value production matters.

What is Indonesia's downstream industrialisation strategy, and has it worked?

Indonesia's hilirisasi strategy aims to capture more value from its natural resources by processing them domestically rather than exporting them in their raw form. We examine the country's nickel export ban, the investments that followed, and the expansion of its nickel-processing industry. 

Who benefits from industrialisation and who pays the price?

Indonesia's nickel boom has brought substantial investment and manufacturing capacity, but it has also contributed to deforestation, pollution and disruption to communities previously dependent on agriculture and fishing. 

How do we ensure industrial policy creates broad-based prosperity?

Attracting investment is only part of the equation. We explore how governments can use tax incentives and other forms of public support to secure wider public benefits, from better jobs and stronger environmental protections to reforestation requirements. 

Should developing countries rely on foreign investment or build their own industries?

We discuss the importance of building domestic firms, developing local skills and strengthening productive capacity, drawing lessons from Indonesia's nickel industry and South Korea's experience with industrial development.

Can ASEAN countries industrialise together?

We explore the possibility of regional industrial champions and what deeper cooperation could look like in a world increasingly shaped by industrial competition between major powers.

Can development become a more powerful political vision for Southeast Asia?

Economic development is not just a matter of policy; it is also about the ideas and aspirations that shape politics. Have Malaysia and its regional neighbours lost sight of a developmental vision centred on infrastructure, industrial capacity and shared prosperity, and how the region might move beyond political debates dominated by race, religion and identity?

Image Credit: Shutterstock

For decades, many developing countries have relied on exporting raw materials to drive economic growth. But when countries export commodities without developing the industries to process them, how much of the wealth actually stays in their economies?Indonesia is attempting to change this through hilirisasi, or downstream industrialisation: a strategy to move beyond exporting raw materials towards domestic processing and manufacturing.&nbsp;In this episode, we speak to Faris Abdurrachman, Executive Director and Lead Economist at Industrial Policy Lab Indonesia, about Indonesia's development strategy.In this conversation, we discuss:Why is it so difficult for developing countries to move up the value chain?Many countries in the Global South remain heavily reliant on exporting commodities and raw materials. We explore the barriers to developing more sophisticated industries, including access to technology, financing and foreign expertise, and why moving into higher-value production matters.What is Indonesia's downstream industrialisation strategy, and has it worked?Indonesia's hilirisasi strategy aims to capture more value from its natural resources by processing them domestically rather than exporting them in their raw form. We examine the country's nickel export ban, the investments that followed, and the expansion of its nickel-processing industry.&nbsp;Who benefits from industrialisation and who pays the price?Indonesia's nickel boom has brought substantial investment and manufacturing capacity, but it has also contributed to deforestation, pollution and disruption to communities previously dependent on agriculture and fishing.&nbsp;How do we ensure industrial policy creates broad-based prosperity?Attracting investment is only part of the equation. We explore how governments can use tax incentives and other forms of public support to secure wider public benefits, from better jobs and stronger environmental protections to reforestation requirements.&nbsp;Should developing countries rely on foreign investment or build their own industries?We discuss the importance of building domestic firms, developing local skills and strengthening productive capacity, drawing lessons from Indonesia's nickel industry and South Korea's experience with industrial development.Can ASEAN countries industrialise together?We explore the possibility of regional industrial champions and what deeper cooperation could look like in a world increasingly shaped by industrial competition between major powers.Can development become a more powerful political vision for Southeast Asia?Economic development is not just a matter of policy; it is also about the ideas and aspirations that shape politics. Have Malaysia and its regional neighbours lost sight of a developmental vision centred on infrastructure, industrial capacity and shared prosperity, and how the region might move beyond political debates dominated by race, religion and identity?Image Credit: Shutterstock

What Can We Learn From Indonesia’s Development Policies?

Voting is often seen as the cornerstone of democracy, giving ordinary people a say in who governs them and the direction their country takes. But what does it mean to participate in politics beyond casting a ballot every few years? And how much can voting actually change when political parties must navigate coalition politics, competing interests and the realities of governing?

In Malaysia, the 2018 general election showed that votes can bring about historic political change. Yet the years since have also raised questions about the limits of electoral politics, the role of grassroots organising, and whether political parties can offer a compelling vision for the country's future.

In this conversation, we discuss:

Why do we vote, and what gets us interested in politics?

From the Bersih movement and Reformasi to personal experiences with educational inequality, we explore the different experiences that draw people into politics.

How much can voting actually change in a liberal democracy?

The 2018 election showed that voters can bring down a government that has held power for decades. But subsequent political upheavals have also tempered expectations about what a vote can achieve. We discuss whether voting remains a meaningful tool for change, and how we should think about its possibilities and limitations.

Is voting enough, or do we need to organise beyond the ballot box?

From trade unions and grassroots movements to community organisations and political parties, we examine the importance of organising between elections. What can organised groups achieve that individual voters cannot? And what can we learn from PAS's decades of grassroots organising, which helped build a political movement long before the Green Wave became a national talking point?

What actually determines how people vote?

Do voters choose the party that best represents their ideals, the candidate they trust most, or simply the lesser of two evils? We explore the role of political literacy, emotions, fear, charisma and personal relationships in shaping voting decisions. 

What makes a good politician: principles or pragmatism?

Should we judge politicians by their ideological convictions and willingness to stand by their principles, or by their ability to negotiate, build coalitions and deliver results? As Malaysia's political landscape becomes increasingly fragmented, we discuss the tension between holding the line on political ideals and making the compromises necessary to govern.

How do political parties build trust and offer a compelling vision?

People may want better healthcare, more affordable housing, walkable cities and protection from flooding without necessarily seeing how these everyday concerns connect to electoral politics. 

Can Malaysian politics move beyond identity and moral superiority?

As political competition increasingly revolves around questions of identity and which side is more morally righteous, we consider whether parties should focus more on tangible questions of development, public services and economic wellbeing. 

Reading/watching/listening list:


Don't Think of an Elephant! by George Lakoff [Book]


Sang Kancil: Sang Kancil: A Tale about How Ordinary Malaysians Defied the Odds [Book]

Voting is often seen as the cornerstone of democracy, giving ordinary people a say in who governs them and the direction their country takes. But what does it mean to participate in politics beyond casting a ballot every few years? And how much can voting actually change when political parties must navigate coalition politics, competing interests and the realities of governing?In Malaysia, the 2018 general election showed that votes can bring about historic political change. Yet the years since have also raised questions about the limits of electoral politics, the role of grassroots organising, and whether political parties can offer a compelling vision for the country's future.In this conversation, we discuss:Why do we vote, and what gets us interested in politics?From the Bersih movement and Reformasi to personal experiences with educational inequality, we explore the different experiences that draw people into politics.How much can voting actually change in a liberal democracy?The 2018 election showed that voters can bring down a government that has held power for decades. But subsequent political upheavals have also tempered expectations about what a vote can achieve. We discuss whether voting remains a meaningful tool for change, and how we should think about its possibilities and limitations.Is voting enough, or do we need to organise beyond the ballot box?From trade unions and grassroots movements to community organisations and political parties, we examine the importance of organising between elections. What can organised groups achieve that individual voters cannot? And what can we learn from PAS's decades of grassroots organising, which helped build a political movement long before the Green Wave became a national talking point?What actually determines how people vote?Do voters choose the party that best represents their ideals, the candidate they trust most, or simply the lesser of two evils? We explore the role of political literacy, emotions, fear, charisma and personal relationships in shaping voting decisions. What makes a good politician: principles or pragmatism?Should we judge politicians by their ideological convictions and willingness to stand by their principles, or by their ability to negotiate, build coalitions and deliver results? As Malaysia's political landscape becomes increasingly fragmented, we discuss the tension between holding the line on political ideals and making the compromises necessary to govern.How do political parties build trust and offer a compelling vision?People may want better healthcare, more affordable housing, walkable cities and protection from flooding without necessarily seeing how these everyday concerns connect to electoral politics. Can Malaysian politics move beyond identity and moral superiority?As political competition increasingly revolves around questions of identity and which side is more morally righteous, we consider whether parties should focus more on tangible questions of development, public services and economic wellbeing. Reading/watching/listening list:<ul><li>Don't Think of an Elephant! by George Lakoff [Book]</li><li>Sang Kancil: Sang Kancil: A Tale about How Ordinary Malaysians Defied the Odds [Book]</li></ul>

What Does the Future Hold For Sri Lanka?

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