IMF says the economic situation in debt-stricken Sri Lanka is gradually improving

The International Monetary Fund says that economic situation in debt-stricken Sri Lanka has started to gradually improve following its worst economic crisis two years ago. The IMF says the country’s inflation has come down from a peak of 70% in 2022 to 5.9% last month and its economy expanded in the second half of last year following a year and a half of contraction. Sri Lanka plunged into its worst economic crisis in early 2022, suffering severe shortages, drawing strident protests that led to the ouster of then-President Gotabaya Rajapaksa. The country declared bankruptcy in April 2022 and turned to the IMF for a multi-billion-dollar bailout package to rescue the economy.