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The island nation of Sri Lanka is in the midst of one of the worst economic crises it’s ever seen. It has just defaulted on its foreign debts for the first time since its independence, and the country’s 22 million people are facing crippling 12-hour power cuts, and an extreme scarcity of food, fuel and other essential items such as medicines.
Apr 5, 2022 · CNN — Sri Lanka, an island nation of 22 million, is facing an economic and political crisis, with protesters taking to the streets in defiance of curfews and government ministers stepping down...
Sri Lanka is currently in an economic and political crisis of mass proportions, recently culminating in a default on its debt payments. The country is also nearly at empty on their foreign currency reserves, decreasing the ability to purchase imports and driving up domestic prices for goods.
Jul 17, 2023 · Despite these good news stories, Sri Lanka's economy is still in a precarious place. The country still has more than $80bn (£61.1bn) of debt - both foreign and domestic.
- Archana Shukla
- Sri Lanka is facing the worst economic crisis since its independence in 1948. The Sri Lankan economy has completely collapsed, as then Prime Minister Wickremesinghe declared a few weeks ago.
- Sri Lankans have taken to the street in record numbers to protest economic hardships. In the face of severe economic hardships marked by power blackouts, shortages of fuel, cooking oil and food, protesters have been demanding the resignation of the Rajapaksa-led government since March 2022.
- The Rajapaksa government collapsed and left the country in political disarray. The roots of the current political crisis are directly tied to the actions of former President Gotabaya Rajapaksa and his family, including his brothers former Prime Minister Mahinda Rajapaksa and former Finance Minister Basil Rajapaksa.
- Sri Lanka’s political and economic future is uncertain, but there are significant problems to tackle for whoever takes charge. Wickremesinghe has asked parliament to undertake the constitutional process to elect a new president.
Jul 13, 2022 · The island nation of 22 million people has suffered months of lengthy blackouts, acute food and fuel shortages, and galloping inflation in its most painful downturn on record. Keep reading.
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Jul 17, 2022 · Sri Lanka is in the midst of a deep and unprecedented economic crisis that has sparked huge protests and seen its president quit after fleeing the country - but other countries could be at...
