Even with import demand strong on the back of a recovering economy and the average international crude prices currently above $ 100 per barrel, the current account deficit is expected to remain within 2.5 per cent of GDP, having averaged 1.1 per cent of GDP during 2014–21.
Existing responses to international financial crises tend to either run the risk that some private sector creditors are insulated from loss as a result of rescue operations, or run the risk that debt defaults occur in a disorderly and damaging manner. Neither is satisfactory.