Sri Lanka’s prime minister says the island nation's debt-laden economy has “collapsed” as it runs out of money to pay for food and fuel. Economists say the crisis stems from years of corruption, being $51 billion in debt, the pandemic and terror attacks.
as it runs out of money to pay for food and fuel. Short of cash to pay for imports of such necessities and already defaulting on its debt, it is seeking help from neighboring India and China and from the International Monetary Fund., was emphasizing the monumental task he faces in turning around an economy he said is heading for “rock bottom.”
and his brother, former Prime Minister Mahinda Rajapaksa. The latter resigned after weeks of anti-government protests that eventually turned violent.at churches and hotels killed more than 260 people. That devastated tourism, a key source of foreign exchange. In April 2021, Rajapaksa suddenly banned imports of chemical fertilizers. The push for organic farming caught farmers by surprise and decimated staple rice crops, driving prices higher. To save on foreign exchange, imports of other items deemed to be luxuries also were banned. Meanwhile, the Ukraine war has pushed prices of food and oil higher. Inflation was near 40% and food prices were up nearly 60% in May.
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