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COLOMBO: Inflation in crisis-hit Sri Lanka eased to 4.0 percent in August, the lowest since before last year’s unprecedented financial crisis, official figures showed Friday.

The island nation endured months of food, fuel and medicine shortages after a foreign exchange crunch that sparked widespread protests culminating in the ouster of its president.

But the crisis has since eased, with headline inflation down from 6.3 percent in July and 69.8 percent at its peak last September.

Sri Lanka’s central bank has said it expects the figure to continue its downward trend in the medium-term.

The country defaulted on its $46 billion foreign debt last year but secured a four-year, $2.9 billion bailout from the International Monetary Fund in March.

An IMF team is due in Colombo this month to review Sri Lanka’s progress in repairing its ruined finances and to decide on releasing another $330 million loan tranche.

The international lender of last resort has said Sri Lanka’s economy showed “tentative signs of improvement” but warned Colombo still needed to pursue further painful reforms.

Last year’s economic crisis sparked months of civil unrest that eventually toppled then-president Gotabaya Rajapaksa after a mob of protesters stormed his compound.

His successor Ranil Wickremesinghe has doubled taxes, removed generous subsidies on energy and sharply raised prices to shore up state revenue.

In the latest such move, the government raised petrol and diesel fuel prices by up to 11.2 percent with effect from Friday.

Comments

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Aamir Latif Sep 01, 2023 02:28pm
When there is a will, there is a way. Remarkablevrrcivery by Sri Lanka.. In Pakistan's case, no will, no let go of comforts, no reawakening by nation to cut profits, smuggling of $ or commodities, remittances more through hundi minting profits and country goes to hell
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faisal Sep 01, 2023 03:16pm
Our peole are far too greedy. No expectation of inflation getting any lower in longer term.
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Sugon Dzntz Sep 01, 2023 03:51pm
There is hope for people who have will to change the things, ahem, looking at you Pakistanis!
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Adnan Aziz Sep 01, 2023 04:57pm
Please learn from Sri Lanka. However, I am afraid that if a team is sent to Sri Lanka to learn from their experience in controlling inflation, the delegation will go around site-seeing and shopping and return empty-handed.
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M OBAID Sep 03, 2023 11:51am
@Aamir Latif, Govt. is feared by the mafias. No action against sugar mafia. Smuggling is not a big problem to deal with. The smuggling of dollars and other products can be stopped but I don't know why the government is just letting them (smugglers) do whatever they want
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Syed Dawar Hussain Sep 03, 2023 12:59pm
If Sri Lanka lanka can do it why can't we. Sri Lanka's major contributor is tourism. We have industry, agriculture and much more. All we need is to get rid of these leeches sucking our blood. No free fuel or electricity for mf govt servants
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sajid Sep 04, 2023 07:58am
we brag about honesty and religious harmony yet the reality tells a total different story
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