The International Monetary Fund says Sri Lanka's crisis-hit economy is expected to begin bouncing back in 2024. The country took a dent of 3% this year, amid its worst economic crisis since independence. An IMF team is currently visiting Sri Lanka until May 23 as part of regular consultations with the officials.

Sri Lanka economy crisis: IMF review team in the country until May 23

Amid large scale protests against the government over the escalating economic crisis in the country, Sri Lanka's entire cabinet resigned on Sunday. There have been widespread protests in the past few days against President Gotabaya Rajapaksa and his brother Prime Minister Mahinda Rajapaksa amid shortage of fuel, rising inflation and large scale power cuts which has crippled the country's economy.

Sri Lanka's cabinet resigns as protesters defy curfew

Sri Lanka to opt for an international monetary fund bailout or not, that is a big question in Sri Lanka right now. Sri Lanka's cabinet of ministers is now trying to meet further to explore the IMF option as a country reels under a massive financial crisis.

Sri Lanka's inflation hit a record 11.1% in November