Sri Lanka leans on IMF and China as crucial budget test looms

President Wickremesinghe faces growing public frustration ahead of elections

20231026 sl market

A market in Colombo on Oct. 20. Sri Lanka's government is due to present next year's budget in mid-November. © Reuters

MUNZA MUSHTAQ, Contributing writer

COLOMBO -- Sri Lanka's cash-strapped government is breathing slightly easier after a week that brought an agreement on more support from the International Monetary Fund and a promise of "no strings" help from China.

But the country still must climb out of bankruptcy, and President Ranil Wickremesinghe's administration must prepare a budget presentation for Nov. 13 that will likely highlight the difficulty of balancing financial constraints with public welfare. This crucial test comes ahead of elections next year and as a weary population grows frustrated with tough IMF bailout conditions.

Sponsored Content

About Sponsored ContentThis content was commissioned by Nikkei's Global Business Bureau.