Sri Lanka, Feb. 19 -- Two years ago in February 2022, Sri Lanka rapidly descended into an economic crisis that had long been in the making. The war in Ukraine and the sudden escalation of global commodity prices made it very difficult to import essential goods such as fuel. Having exhausted its foreign reserves without prioritising the imports of essential goods, the government defaulted on its external debt two months later.

Many neoliberal economists who saw the IMF as the final solution had begun calling in late 2021 for a default on the country's external debt, claiming that a quick agreement with the IMF, bridge financing from donors, and a rapid debt restructuring process would solve Sri Lanka's economic problems. Some of us, inclu...