Navigating a progressive path towards an equitable Sri Lanka
AN INDEPENDENT THINK TANk: Advocating for a system that REWARDs WORk, Not WEalth
The global economic order must be redesigned to benefit people and the environment.
Sri Lanka should mitigate risks to its economy when dealing with the imperfect international financial architecture.
Renegotiating the IMF agreement is imperative for Sri Lanka’s economic recovery and future stability. The current conditionalities are not aligned with best practices and pose significant risks to the country’s fiscal health and social well-being. A restructured agreement that includes substantial debt reduction, realistic fiscal targets, and respect for Sri Lanka’s sovereignty over its economic policies will provide a foundation for sustainable growth. By pursuing these changes, Sri Lanka can ensure a more equitable and prosperous future for its people and set a precedent for fairer global economic practices.
Download report
Why a system change is urgently needed.
To bring an end to the global north-south divide.
"With the power of the pen, we can impose natural disaster and pandemic clauses in our debt. With the power of the pen, we can change the capital that is available to multilateral development banks, that will remove the barriers that currently exist for us to fight poverty. With those commitments, we can make a difference in today's world and let us do so recognising that a world that reflects an imperialistic order and hypocrisy and lack of transparency will not achieve that mission.”
- Mia Mottley, Prime Minister of Barbados, UN General Assembly (20 Sept 2022)
To reduce impact on Sri Lanka driven by global inequality
"Ultra high net worth individuals" — hold an astoundingly disproportionate share of global wealth. (Inequality.org)
To improve well-being of people facing hardship
Income and wealth inequality in Sri Lanka (Ground Views)
To strengthen domestic fiscal position
Corruption: Secrecy and off-shore tax havens (Tax Justice Network)
To obtain a sustainable solution to Sri Lanka's debt crisis
182 experts calling for debt cancellation (Debt Justice UK)
To democratise global institutions
Towards a more effective, networked, and inclusive multilateral system (UN High-level Advisory Board)
To work towards a fairer global financial architecture
How major banks turned a blind eye to theft of billions (The Bureau of Investigative Journalism)
To build a new global order
"Neoliberal globalisation is not working. A new multilateralism that differs from the current neoliberal framework, offering an alternative basis for global cooperation needs to be built."
Prof Joseph Stiglitz, Nobel Laureate, European University Institute (28 Sept 2023)
Thematics
Debt Justice
Calling for cancellation of the odious sovereign debts of Sri Lanka
Illicit Financial Flows
Calling for full transparency of illicit financial flows out of Sri Lanka
Stolen Asset Recovery
Calling for the return of Sri Lanka's stolen assets held overseas.
Rewarding work over wealth
Perspectives
Acknowledge imperfections of the global economic order and mitigate risks to the local economy by protecting against major vulnerabilities
Challenge status-quo and select alternative policy options for improving well-being of people and environment
Highlight plight of working women who bear a disproportionate burden of the debt crisis. They should not pay for the profligacy of reckless creditors.
Associates calling for change
