IMF warns Sri Lanka recovery at risk from El Niño, Mideast war

Sri Lanka
By Editor_1

COLOMBO ‒ Sri Lanka’s recovery from the worst economic crisis in its history could be upended by the El Niño climate phenomenon and fallout from the Middle East war, the International Monetary Fund (IMF) warned Wednesday (23).

The South Asian nation’s economic collapse of 2022 was triggered by a severe foreign exchange shortage that led to a historic sovereign debt default.

In a review of the $2.9 billion bailout program, the IMF said safeguarding the hard-won gains made since the 2022 crisis was crucial.

“Sri Lanka continues to face downside risks from uncertainty over the duration and intensity of the war in the Middle East, global trade policy and the impact of El Niño,” the IMF said in a statement.

El Niño is a naturally occurring climate pattern associated with warmer ocean temperatures in the Pacific that can change wind and rainfall patterns around the world.

Scientists say human-caused climate change can amplify its effects by making more energy and moisture available to fuel extreme weather.

Sri Lanka’s meteorology department has warned that both severe drought and heavy rain are likely to hit the country during the remainder of the year as the largely agricultural nation faces what officials call its worst-ever El Niño.

At the weekend, the Sri Lankan air force flew Buddhist monks to pray and sprinkle holy water over drought-hit areas in an attempt to encourage rain.

A drop in rainfall could also affect hydroelectricity generation and force the use of more expensive thermal power generators, officials say.

Sri Lanka has raised fuel prices by more than 50% since the US went to war with Iran in February.

The government has said it will continue to subsidize fuel in October, despite earlier plans to return to cost-recovery pricing.

“Safeguarding macroeconomic stability in a shock-prone environment requires unwavering commitment to prudent policies and reforms to rebuild fiscal and external buffers,” the IMF said.

The four-year IMF loan program comes to an end in March, and authorities have yet to decide whether they want a fresh arrangement with the Washington-based institution.

– Agence France-Presse

Editor_1
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