What led to the economic crisis in Sri Lanka?
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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.
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