Sri Lanka suffered a great economic crisis from 2019 onwards. However in late 2024, its economy demonstrated significant signs of recovery. In this episode, Dr. Shantayan Devarajan and Dr. Ijaz Nabi talk about Sri Lanka’s economic crisis, compare it to Pakistan’s own situation at home, and therein explore potential solutions. They discuss stabilization measures, structural reforms, debt restructuring, and the role of the International Monetary Fund (IMF) in supporting developing economies.
Dr. Ijaz Nabi is Country Director of Pakistan at the International Growth Centre (IGC). He is a member of Pakistan Prime Minister’s Economic Advisory Council, chairs the boards of Punjab Population Innovation Fund and Punjab Skills Development Fund, and is on the board of Pakistan Poverty Alleviation Fund (PPAF). He formerly worked at the World Bank in Washington DC (1986-2008), working in Mexico, Korea, Thailand (leading the World Bank team during the East Asian financial crisis), Malaysia, Korea, Laos and Myanmar. In 2002-2008, he was Manager of Economic Policy for South Asia region.
Dr. Shanta Devarajan is a professor of international development at Georgetown University’s Edmund A. Walsh School of Foreign Service. He was previously at the World Bank, where he was the senior director for Development Economics and chief economist of the Middle East and North Africa, Africa, and South Asia regions and the Human Development Network. He was also director of the 2004 World Development Report: Making Services Work for Poor People. Before 1991, Shanta was on the faculty of Harvard University’s John F. Kennedy School of Government.