Ruchir Desai, co-fund manager of the AFC Asia Frontier Fund, travelled to Colombo from 19th-21st June 2023 to meet with policymakers and various Sri Lankan companies, some of which the fund is invested in.
On my last visit to Sri Lanka in November 2022, my key takeaway was that the economy and stock market had bottomed out as inflation and interest rates had peaked, and the country was on the verge of gaining approval for an IMF (International Monetary Fund) loan.
Fast forward to June 2023: inflation has reduced significantly, benchmark interest rates have been cut by 250 basis points, and the IMF has disbursed the first tranche of its loan to Sri Lanka.
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