IMF digs into Sri Lanka’s debt crisis

By September 21, 2022

Sri Lanka (MNN) — On Friday, Sri Lanka’s government will describe the country’s economic woes in detail on a call with International Monetary Fund creditors. Officials struck a preliminary debt relief deal earlier this month.

Sri Lanka faces its worst political and economic crisis since gaining independence from Britain in 1948. Political, economic, and social unrest peaked this summer, making fuel and food almost impossible to find.

“The International Monetary Fund and Asian Development Bank have promised to support Sri Lanka,” Pastor Clarence from FARMS Lanka says.

“That’s good because otherwise, it will be more suffering for the people.”

FARMS Lanka partners with FARMS International to help believers in need. Pastor Clarence says church leaders report a slight decrease in pressure following the IMF relief announcement on September 1.

“It’s a little [easier] because at least everybody can get a quota [of fuel]. Recently, the government has given us a little more for travel to our stations,” he explains.

However, “the struggle is still there. There are anti-government protests, the parliamentarians’ chaos, and political unrest.”

Clarence, FARMS Lanka Director, delivers relief aid to needy families.
(Photo courtesy of FARMS International)

Increased needs

Usually, FARMS Lanka helps believers work their way out of poverty through a microcredit program that supports the local church. More about that here. Since Sri Lanka’s crises affect life at every level, ministry leaders now focus on helping people survive another day.

Sri Lanka’s “malnutrition rate of the children has risen 460 percent,” Pastor Clarence says.

“Because of that, now we are supporting churches, especially the Sunday school children, with rice, dahl, and sugar.”

Pray believers can find relief from this season’s economic pressure and financial hardship. Ask the Lord to provide for them in miraculous ways.

“We are doing self-employment. Now, there is no material coming [for people to produce goods,]” Pastor Clarence says.

Additionally, “because of the fuel prices, they can’t transport their goods or harvest to the market” to sell for income.

When Sri Lankan Christians see only challenges, pray God will help them trust in Him.

 

 

Header image is a representative stock photo courtesy of Mohit Kulkarni/Pexels.