What led to the economic crisis in Sri Lanka?

Sri Lanka is witnessing its worst economic crisis since independence. There is an acute shortage of food, fuel and cooking gas.

Several hospitals have had to suspend routine surgeries as they have run out of life-saving medicines. Authorities had to cancel examinations for millions of students, due to a shortage of paper.

Sri Lanka has to repay foreign debt totalling nearly $7 billion this year. The country is in talks with the International Monetary Fund for possible loan assistance.

India has extended assistance totalling $2.4 billion. This includes a $400 million RBI currency swap, a $500 million loan deferment, and credit lines for importing food, fuel, and medicines.

Experts say that Sri Lanka’s recovery will neither be fast nor easy.

Thank you for watching our video.

You can subscribe to our channel here: https://bit.ly/3c8Adi6

Visit https://www.thehindu.com/ for the latest updates, analysis, opinions, and more.

You can also download our apps:
Android: https://bit.ly/3nboBEi
iOs: https://apple.co/3EDCwt4

The Hindu is committed to keeping you up-to-date with information on the developments in India and the world. We promise to deliver quality journalism that stays away from vested interest and political propaganda. You can support us by subscribing to our digital offerings here: https://bit.ly/3emywiz

Follow us:
Twitter:   / the_hindu  
Instagram:   / the_hindu  

#SriLanka #Colombo #SriLankaEconomicCrisis