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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]
On 7 March 2023, the rupee gained 0.5% to trade at 250.8 per dollar, registering a 14% increase after the announcement by the IMF that it will finalize a $2.9 billion bailout for Sri Lanka on 20 March and receiving assurances from China that it will assist in the country's debt restructuring efforts.
By 2024, Sri Lanka re-entered the path of economic growth, with a renewed focus on sustainable development. [149] Sri Lanka has met the Millennium Development Goal (MDG) target of halving extreme poverty and is on track to meet most of the other MDGs, outperforming other South Asian countries. Sri Lanka's poverty headcount index was 4.1% by 2016.
The International Monetary Fund executive board approved the release of the second tranche of a $2.9 billion dollar bailout package to help Sri Lanka recover from the worst economic crisis in its ...
The U.S. dollar has been climbing sharply lately, igniting concerns about a potential currency war among the world's major economic powers. But what does a rising dollar mean for investors like you?
To counter Sri Lanka's fuel shortage, Wickremesinghe told the Associated Press in a recent interview that he would consider buying more steeply discounted oil from Russia to help tide the country ...
Services accounted for 58.2% of Sri Lanka's economy in 2019 up from 54.6% in 2010, industry 27.4% up from 26.4% a decade earlier and agriculture 7.4%. [41] Though there is a competitive export agricultural sector, technological advances have been slow to enter the protected domestic sector. [42]
COLOMBO (Reuters) -Sri Lanka is asking international bond holders to take a 30% haircut and is seeking similar concessions from investors in its domestic dollar-denominated notes as it seeks to ...