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A year after Sri Lanka’s economic collapse brought in a new government, the island nation is past the worst of the crisis. But as Anjana Pasricha reports, Sri Lanka’s economic woes are far from over as millions still confront hardship.
Content TypePackage
LanguageEnglish
Transcript/ScriptPLAYBOOK SLUG: Sri Lanka Economy
HEADLINE: Millions in Sri Lanka Still Feel Pain of Economic Downturn Despite Tentative Recovery
TEASER: Tough economic reforms yet to come could worsen the plight of many
PUBLISHED AT:
BYLINE: Anjana Pasricha
CONTRIBUTOR:
ASSIGNING EDITOR: pcd
DATELINE: New Delhi
VIDEOGRAPHER:
PRODUCER:
SCRIPT EDITORS: pcd, bill ide
VIDEO SOURCE: Reuters, AFP, VOA Original
PLATFORMS: WEB _x_TV _x_ RADIO _x_
TRT:
VID APPROVED BY:
TYPE: TVPKG
EDITOR NOTES: There is an accompanying OCN))
((INTRO))
[[A year after Sri Lanka’s economic collapse brought in a new government, the island nation is past the worst of the crisis. But as Anjana Pasricha reports, Sri Lanka’s economic woes are far from over as millions still confront hardship.]]
((Video: Line for gas and petrol pump, empty shelves, a person buying two potatoes, drone shot of protesters, protesters shouting))
((NARRATOR))
Snaking queues for fuel, empty shelves in food stores, angry street protests -- these were the scenes last year in Sri Lanka when the country became bankrupt.
((Video: Filling petrol, buying vegetables, vegetable market, shot of Colombo city))
Now those lines have gone, markets are stocked with food and the capital of Colombo is calm.
((Video: President being sworn in, protestors inside predecessor’s residence, Modi and Wickremesinghe shaking hands))
President Ranil Wickremesinghe, who took charge a year ago after protestors stormed his predecessor’s residence, expressed optimism about his country’s economic revival during a recent visit to New Delhi.
((Ranil Wickremesinghe, Sri Lanka President - (male, ENGLISH) )) ((Courtesy: Narendra Modi YouTube channel))
“I have explained that I have set Sri Lanka firmly on a path of economic reform and Sri Lanka is already witnessing the stabilizing outcomes of these measures.”
((Video: Tourists in Sri Lanka, well-lit city))
((NARRATOR))
There have been gains. Tourists are returning, spelling good news for a tourism-dependent economy. Long hours of power outages are over.
((Video: Vegetable market, petrol pump, people standing in line for gas))
But costs of food, fuel, electricity and medicines have spiraled, taking a huge toll on millions in lower income groups.
((Milton Perera, retired accountant - (male in Sinhala) (AFP) ))
“Last year we had money, but no goods. Now there are goods, but we don't have money.”
((Video: Vegetable market, woman counting money, people taking food at soup kitchen))
((NARRATOR))
The World Food Program says that 17 % of the country or nearly four million people still face food insecurity. While that is down from about 25% last year, it is still huge.
((Bhavani Fonseka, Center for Policy Alternatives, Colombo (( FEMALE, ENGLISH)) )) ((via Skype))
“What we see now is the most vulnerable communities struggling and still facing hardships in getting three meals a day….. so, on the socioeconomic front and socio-economic indices, it is indicative that still the crisis is far from over and it’s a long path to recovery.”
((Video: Newspaper headlines about IMF, exterior of central bank of Sri Lanka, officials from IMF sitting, talking, person counting money, signs of various banks))
((NARRATOR))
A bailout package of about $3 billion from the International Monetary Fund in March helped remove the country’s “bankrupt” tag. But it came with tough conditions that require imposing higher taxes and steep cuts to government spending and welfare programs. Many worry about more stringent reforms that could cut further into their incomes.
((Bhavani Fonseka, Center for Policy Alternatives, Colombo (( FEMALE, ENGLISH))) ((via Skype))
“How does it impact state-owned enterprises for example? Would people lose their jobs? The domestic restructuring, there is a lot of conversations now as to what that means for people’s pensions and savings.”
((Video: City shot of traffic in Colombo, people in market))
((NARRATOR))
While the reforms may intensify popular resentment, there are warnings that Sri Lanka will have to stay the course.
((Harsh Pant, Observer Research Foundation, New Delhi (MALE, ENGLISH) ))
“The worst is seemingly over but it can come back if the present trends don’t continue, if the government of the day does not plan and execute the policies it has outlined in a judicious manner.”
((Video: People in markets, at streetside shop))
((NARRATOR))
And with the economic recovery still tentative, uncertainty remains, especially for those whose lives have yet to improve.
((Anjana Pasricha for VOA News, New Delhi))
NetworkVOA
Location (dateline)New Delhi
Embargo DateJuly 26, 2023 07:27 EDT
BylineAnjana Pasricha
Brand / Language ServiceVoice of America - English
