Needing G20 Assistance: The Economic Conditions of Sri Lanka, Pakistan, and Bangladesh

Economics & Macro

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Viva Budy Kusnandar 20/10/2022 15:00 WIB

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Sri Lanka, Pakistan, and Bangladesh are currently experiencing an economic crisis due to debt pressure and rising global commodity prices.

The Economic Conditions of Sri Lanka, Pakistan, and Bangladesh (September 2022)

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Needing G20 Assistance: The Economic Conditions of Sri Lanka, Pakistan, and Bangladesh

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The Economic Conditions of Sri Lanka, Pakistan, and Bangladesh (September 2022)

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The United Nations (UN) has urged India, as the incoming G20 president, to mobilize G20 members to assist debt-burdened countries, including Sri Lanka, Pakistan, and Bangladesh.

This request was made by UN Secretary-General Antonio Guterres in a speech discussing India's upcoming G20 presidency.

"I count on India's support in mobilizing G20 countries on debt relief. Many developing countries are experiencing or are threatened by debt distress and require multilateral action, including the expansion and extension of the G20 Debt Service Suspension Initiative," Guterres said, as reported on the official UN website on Wednesday, October 19, 2022.

Currently, Sri Lanka, Pakistan, and Bangladesh—India's neighbors—are experiencing economic crises due to rising global energy and food commodity prices.

According to Trading Economics data, as of September 2022, inflation in Sri Lanka reached 69.8% (year-on-year/yoy), in Pakistan 23.2% (yoy), and in Bangladesh 9.1% (yoy).

Besides the price hikes, these three countries are also facing economic difficulties due to high debt incurred to finance the handling of the Covid-19 pandemic.

As of December 2021, the debt-to-GDP ratio in Sri Lanka reached 105%, while Bangladesh's was 33.9%, and Pakistan's 84%.

In August 2022, Pakistan added US$1.17 billion in debt to the IMF for flood disaster relief, while Sri Lanka added US$2.9 billion.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."