Sri Lanka admits bankruptcy, crisis to drag through 2023
The island nation has endured months of galloping inflation and lengthy power cuts after the government ran out of foreign currency to import vital goods.
The island nation has endured months of galloping inflation and lengthy power cuts after the government ran out of foreign currency to import vital goods.
The Cardinal also appealed to the international community to assist in providing Sri Lanka with medicines and equipment for hospitals amid its economic crisis.
Sri Lanka is suffering its worst economic crisis since its independence, with foreign exchange reserves at a record low of $1.92 billion, according to the central bank.
The future appears uncertain not only for the Rajapaksa dynasty but also for the people, who are worried about a looming food crisis come August 2022.
Sri Lanka is going through one of the worst crises of its history. Food has become scarce, prices have shot through the roof, and long power cuts have turned the lives of ordinary…
Sri Lanka’s economy is continuing to deteriorate with barely any dollars in the government’s possession even to pay for essentials such as fuel and medicine.
“I am going to change many of the policies of the Rajapakasa government,” he said.
Material hardship was the trigger to the avalanche of opposition to the Rajapaksa administration which later took on more political dimensions.
The new premier, Ranil Wickremesinghe, has already served in the office five times - but it remains unclear if he will be able to get any legislation through parliament.
The writer says it is important to start building democratic institutions with checks and balances that can rein in corrupt people.