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The Sri Lankan economic crisis [8] is an ongoing crisis in Sri Lanka that started in 2019. [9] It is the country's worst economic crisis since its independence in 1948. [9] It has led to unprecedented levels of inflation, near-depletion of foreign exchange reserves, shortages of medical supplies, and an increase in prices of basic commodities. [10]
The successful resolution with the IMF holds utmost importance for Sri Lanka's journey to recover from its most severe financial crisis in the past seventy years, highlighting the crucial role played by India's support. The longstanding friendship between India and Sri Lanka further fortifies the bedrock of this collaborative endeavor. [9]
Sri Lanka has seen external instability from around late 2014 suffering two currency crises and low growth with the rupee falling from 131 to 182 to the US dollar by 2018. [6] Foreign debt rose from 30% of gross domestic product in 2014 to 41.3% in 2019 while total debt went up from 76% to 86% as growth slowed amid [ 7 ] Sovereign bond ...
Sri Lanka has been struggling with an economic crisis since declaring bankruptcy in April 2022 with more than $83 billion in debt, more than half of it to foreign creditors. ...
COLOMBO (Reuters) -Sri Lankans voted on Saturday in an election to pick a president who will face the task of bolstering the country's fragile economic recovery following its worst financial ...
Sri Lanka has been grappling with an unprecedented economic crisis since 2022, after suspending repayment of foreign loans because of a severe foreign currency crisis triggered by the COVID-19 ...
The 2022 Sri Lankan political crisis was a political crisis in Sri Lanka due to the power struggle between President Gotabaya Rajapaksa and the people of Sri Lanka. It was fueled by the anti-government protests and demonstrations by the public due to the economic crisis in the country. The anti-government sentiment across various parts of Sri ...
Sri Lanka's poor and middle class want an equitable economic recovery that will support their aspirations, said Umesh Moramudali, who teaches economics at the University of Colombo. "The poor are ...