EXPLAINER: Why Sri Lanka’s economy collapsed and what’s next
2 years, 5 months ago

EXPLAINER: Why Sri Lanka’s economy collapsed and what’s next

Associated Press  

COLOMBO, Sri Lanka — Sri Lanka’s prime minister said late last month that the island nation’s debt-laden economy had “collapsed” as it runs out of money to pay for food and fuel. Still, Mukherjee noted that Sri Lanka sits in one of the world’s busiest shipping lanes, so letting a country of such strategic significance collapse is not an option. The tax cuts were recently were reversed, but only after creditors downgraded Sri Lanka’s ratings, blocking it from borrowing more money as its foreign reserves sank. 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.

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