After years of easy Eurobond access and ramped-up Chinese lending, developing economies are now caught between rising interest rates and geopolitical tensions, making debt restructurings more numerous and more complicated. Despite some progress in inter-creditor talks, many debtor nations face an uncertain financial future.

With civil unrest, the resignation of half the cabinet and a standstill on sovereign debt repayment, Sri Lanka’s new finance minister, secretary to the treasury and governor of the Central Bank of Sri Lanka have a lot to do.

As the economy lands with a thud, there’s a dearth of talent in Colombo’s official ranks. Pragmatic diplomacy might now be a better option for the embattled Rajapaksa clan.

Over the last 12 months, the New Development Bank has gone from concept to fully fledged lender. It says it wants to be differentiated by its nimbleness and focus on sustainability. Where does it fit in a changing multilateral landscape?

When Sri Lanka, a key link in the Belt and Road Initiative, sold China a deep-water port in exchange for debt alleviation, it raised eyebrows around the world – yet Colombo continues to borrow from Beijing even as its fiscal situation worsens.

Asian banks are increasingly proving themselves to be much more than just volume-hungry lenders.