It is the worst economic crisis Sri Lanka has faced, since its independence. But now, it is finally getting a lifeline from the International Monetary Fund. Colombo will receive $2.9B in several tranches over the next 48 months. In return, the government will raise taxes, cut subsidies on electricity and petrol. It will also pass legislation to make the central bank more independent.

We spoke to economist Chayu Damsinghe to get more on Sri Lanka’s economy.

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