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Sri Lanka’s Economic Collapse: A Nation Paying the Price for Misrule

Sri Lanka today stands as a stark cautionary tale of how reckless governance and economic mismanagement can drive a once-promising nation to its knees. The disastrous economic policies of the Gotabaya Rajapaksa administration did not merely weaken the economy—they bankrupted an entire country, leaving millions of ordinary citizens to grapple with unprecedented hardships.

The declaration of sovereign default in 2022—the first in Sri Lanka’s post-independence history—was not a sudden or unforeseeable calamity. It was the inevitable consequence of unchecked authoritarianism, nepotistic decision-making, unsustainable tax cuts, and reckless borrowing, compounded by policy blunders like the abrupt ban on chemical fertilizers that crippled the agriculture sector. Yet, two years later, the aftershocks continue to devastate every facet of daily life, from household kitchens to hospital wards.

Dr. Nishan de Mel, Executive Director of the Colombo-based think tank Verité Research, remarked, “Sri Lanka’s bankruptcy was the inevitable result of a sustained pattern of fiscal irresponsibility. It was like watching a slow-moving train wreck. Unfortunately, those in power ignored all the warning signs.”

The IMF’s Warning Bells

The government’s struggle to stabilize the ship remains uphill. Just last week, the International Monetary Fund (IMF) withheld the release of the second tranche of the much-needed $2.9 billion bailout package, citing Sri Lanka’s failure to meet several agreed targets. This delay is not merely a technical hold-up—it reflects deep-seated structural deficiencies in economic governance. The government’s inability to secure the second tranche exposes just how fragile the so-called economic recovery is.

The IMF, far from being a savior, is acting as a disciplinarian, setting strict fiscal benchmarks that Sri Lanka must meet to remain solvent. The burden of meeting these targets has been placed squarely on the shoulders of ordinary citizens, while wealthy elites and politically connected interests remain largely insulated from meaningful contribution.

“Sri Lanka’s failure to broaden its tax base while squeezing salaried professionals is a textbook case of how not to conduct fiscal reform,” noted Dr. Anushka Wijesinha, a respected economist and former advisor to the Ministry of Development Strategies. “You can’t tax your way out of a crisis while allowing the wealthiest sections of the economy to avoid their fair share.”

A Hollowed-Out Revenue Base

One of the most glaring examples of systemic failure is the dismal state of revenue collection. According to the Parliament’s Sectoral Oversight Committee on National Economic and Physical Plans, the Treasury is losing a staggering Rs. 500 billion annually due to gross inefficiencies, corruption, and mismanagement in the Inland Revenue Department, Sri Lanka Customs, and the Excise Department.

Mahindananda Aluthgamage, Chairman of the Oversight Committee, disclosed to the Daily Mirror that an astonishing 86% of Inland Revenue collections come from just 464 taxpayers. In a country of over 22 million people, such a concentration is a damning indictment of the government’s failure to expand the tax base and enforce compliance among wealthy individuals and large corporations who continue to evade their fiscal responsibilities.

The IMF’s targets demand greater revenue mobilization. But with no political will to crack down on entrenched corruption or broaden the tax net to include the wealthiest sectors, the government has instead opted for the politically easier—but socially disastrous—route of imposing crushing taxes on the middle class and professionals.

Taxing the Professionals into Exodus

The sharp increase in personal income tax rates has driven many professionals—doctors, engineers, IT specialists, academics, and skilled workers—to seek opportunities abroad. This has triggered a devastating brain drain at a time when the country can least afford it.

The government initially promised some relief for professionals by January 2025, but with the IMF deal hanging in the balance, those promises now appear hollow. Without concrete action to stem the outflow of talent, the economic crisis risks becoming a permanent condition, with the country losing the very people capable of leading its recovery.

Professor Sirimal Abeyratne, a senior economist at the University of Colombo, warned, “The country is running out of time. If this exodus continues unchecked, Sri Lanka will be left without the critical human capital it needs for recovery. No IMF tranche can replace doctors, engineers, or entrepreneurs.”

Critical Sectors on the Brink

Nowhere is the brain drain more acutely felt than in the health and aviation sectors.

Sri Lanka’s public health system, once ranked among the best in Asia for its reach and affordability, is in crisis. The exodus of doctors and nurses has left critical vacancies in government hospitals, forcing the Ministry of Health to recall retired doctors to keep services afloat. The Government Medical Officers’ Association (GMOA) has issued repeated warnings that if the hemorrhaging of skilled personnel continues, some hospitals may have to shut down services altogether—a death sentence for the rural poor who depend on these facilities.

Dr. Haritha Aluthge, Secretary of the GMOA, bluntly stated, “We are on the verge of collapse. The government is failing to address the root cause of the brain drain, and as a result, patient care is suffering every day.”

The aviation sector, too, is reeling. State-owned SriLankan Airlines, already financially crippled, lost nearly 60 pilots in the past year alone as they left for better opportunities abroad. The government has quietly authorized the hiring of foreign pilots to fill the gap, an ironic twist given that Sri Lanka once trained some of South Asia’s finest aviation professionals.

The recruitment of foreign doctors and pilots, while a short-term solution, will add further strain to the country’s precarious finances. Hiring expatriate professionals often comes at higher wage costs and denominated in foreign currency, which will widen the fiscal deficit and drain foreign reserves—exactly the opposite of what the IMF demands.

A Brain Drain with No Plan to Stop It

Despite the severity of the crisis, the government seems confused and disjointed in its response. Some officials have shockingly suggested that the mass migration of professionals is a blessing in disguise because it will increase foreign remittances. This is a dangerously simplistic and short-sighted view.

While remittances do provide a temporary cushion for foreign exchange reserves, they cannot compensate for the loss of human capital. What is leaving Sri Lanka is not just labor—it is expertise, leadership, and institutional memory. Once lost, these are difficult and costly to rebuild.

Moreover, the visible collapse of key sectors is fueling despair among the youth. Young people, seeing no future in their own country, are lining up at foreign embassies, fueling an outward migration that could leave the country hollowed out demographically and economically for decades to come.

Dr. Paikiasothy Saravanamuttu, Executive Director of the Centre for Policy Alternatives, sums it up: “This is not merely an economic crisis; it is a crisis of confidence in the very future of the country. The youth are voting with their feet, and that’s a damning verdict on the ruling class.”

An Urgent National Debate

A long-overdue parliamentary debate on the brain drain is scheduled for next week. But if history is any guide, this too may end in empty rhetoric unless it is followed by swift, concrete policy measures. What the country needs is not another debate—it needs action: a comprehensive plan to restore confidence in the economy, protect skilled professionals, and make Sri Lanka a place worth staying in.

What Must Be Done

To stop the rot, the government must immediately:

Crack down on tax evasion by the wealthiest individuals and companies, making them shoulder their fair share of the fiscal burden.

Cut wasteful government spending, especially in state-owned enterprises riddled with corruption and inefficiency.

Offer meaningful tax relief to middle-class professionals, not just as a temporary measure, but as part of a long-term effort to rebuild the social contract.

Invest in key sectors like health and education, ensuring that public institutions remain places of pride and service, not decay and despair.

Rebuild trust in governance by holding corrupt officials and politicians accountable for the crisis they caused.

Sri Lanka has no time to lose. The window for recovery is closing fast. Each day that the government dithers is another day that the nation bleeds talent, capacity, and hope.

Unless there is a fundamental shift in policy and political will, Sri Lanka risks becoming not only economically bankrupt but intellectually and morally bankrupt as well. The country cannot afford to lose any more of its best and brightest. The time to act is now.