‘The worst possible outcome’ – Bonds and stocks fall as Sri Lanka’s new president takes office
Sri Lanka's dollar bonds and stocks sharply declined this morning following the election of Anura Kumara Dissanayake as president, a result that threatens to derail the island’s economic recovery.
Dissanayake’s victory casts serious doubt over Sri Lanka’s ongoing negotiations with the International Monetary Fund (IMF) and its fragile debt restructuring deals, with the self-proclaimed Marxist Janatha Vimukthi Peramuna (JVP) leader vowing to renegotiate the bailout loan.