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Sri Lanka's sovereign debt default in April 2022 triggered a paralyzing economic crisis. Steep inflation and widespread financial uncertainty hampered any efforts at recovery. The economy is now showing signs of stabilization. Internally focused government policies, foreign investment, aid from development partners like India and the U.S., and the IMF’s recovery program have set Sri Lanka on the path to recovery and, hopefully, eventual economic success.
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In the backdrop of the Shanghai Cooperation Organisation summit being held in Islamabad this week, is a restive state and peoples. Three high profile attacks in just a week were followed by a show of defiance from the large Pashtun community, demanding political equity – but also electricity concessions. The military has been stepping in to resolve commercial power deals, underlining the criticality of this issue in Pakistan.
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The new Sri Lankan government led by President Anura Kumar Dissanayake held its first meeting with the International Monetary Fund on October 3, to discuss further debt relief. Dissanayake, who overcame voter apprehension in the country’s presidential elections held two weeks ago, now has a historic opportunity to bring Sri Lanka out of the crisis and enable a compassionate and efficient transformation.
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Recent state elections in Brandenburg, Saxony and Thuringia in east Germany saw the far-right Alternative for Democracy (AfD) and the left-wing Bündnis Sahra Wagenknecht (BSW) make significant gains in vote share. With German federal elections just a year away, major parties like the ruling CDU and SPD which have seen voter support erode considerably, will now have to re-strategise to stay relevant in Germany’s transforming political landscape.
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The presidential election in Sri Lanka on September 21 is the country's first since its economic crisis of 2022. Dr S D Muni, Professor Emeritus at the School of International Studies, Jawaharlal Nehru University, discusses major issues on the ballot, principal candidates in the race and their policies, long-term social and political trends, and takeaways for the Sri Lankan parliamentary elections due later this year.
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The U.S. presidential election campaign has produced two stunning developments: the attempted assassination of Trump and the withdrawal of Biden, under severe pressure from leaders of the Democratic Party. Putting optics aside, observers should focus on the ideological differences between the two candidates Kamala Harris and Donald Trump, which will be on display on Sept. 10 when they debate the issues.
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Sri Lanka’s sovereign debt default in 2022 triggered the worst economic crisis in the country’s post-independence history. By mid-2024, the economy started showing signs of recovery, with a performance higher than other debt-defaulting nations and exceeded IMF expectations. The current stable path, however, is not enough. Sri Lanka needs to shift its economic trajectory from one of debt distress to sustained growth over the next few years.
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India hosted the third Global South Summit virtually on August 17. Such summits are a necessary platform to network with other developing countries and bring neglected issues to attention. But now they must do more than be tick-box events. They must have achievable milestones, actively share experiences and solutions, and show how they matter.
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The events of August 5 turned Bangladesh from a development model to unstable entity. A variety of players have been stirring trouble in the country, from within and without. Great powers and neighbours, NGOs and the diaspora, Islamist groups and armed forces. All these are entangled in the U.S.-China geopolitical rivalry that Bangladesh seems to be caught in.
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The last two weeks have been turbulent for U.S. politics: a past President and current candidate survives an assassination attempt; the current President is forced to withdraw from contesting and is replaced by a new nominee in a flash. This is set in the backdrop of tumultuous domestic and international politics. Neelam Deo, co-founder, Gateway House, discusses the U.S.’ electoral race and its implications for global geopolitics.