What is fuelling Sri Lanka’s economic crisis?

Sri Lanka is again in turmoil. The country’s cabinet has resigned en masse, the President has declared a public emergency as protests have engulfed the country as it has run out of fuel and food grains in many places.

Lanka lacks needed foreign exchange to import essential items, people are forced to spend hours in queues to get supplies, and there are prolonged power blackouts. The government scrambles to get loans from China, India, the IMF, and the World Bank to survive this unprecedented crisis.

This island country of 22 million, with immense natural beauty, had been enjoying relative peace since its three decades of civil war ended with a military victory in 2009. During the final years of the civil war and its aftermath, the Sri Lankan government borrowed heavily and went out of its way to bring foreign investment to boost the country’s economic growth.

What is fuelling Sri Lanka’s economic crisis? | Op-eds – Gulf News

Related posts