“Since the start of the new year, Sri Lanka has fallen deeper into an economic crisis. The crisis has led to protests across the country, the resignation of its Prime Minister, and its first debt default since independence. Ranil Wickremesinghe has recently been appointed as Sri Lanka’s prime minister for the sixth time, three days after Mahinda Rajapaksa’s resignation on May 9th. As the new administration looks to address the economic crisis it will need to attract support while being constrained by domestic instability—such as international concerns over attacks on peaceful protestors and fragility of the current political structure—that make the country riskier to lend to. Still, Sri Lanka’s strategic importance in the Indian Ocean Region will continue to make it an important player and competition point in geopolitical affairs, which is likely to influence both its domestic and foreign policy.”
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