The PM conveyed that he looked forward to working closely with the new President for the mutual benefit of people and strengthening the age-old, close and friendly relations between India and Sri Lanka.
What’s Going On in Sri Lanka?
Sri Lanka is in the midst of an economic crisis, undoubtedly caused by corruption, greed and mismanagement of a nation’s funds. Protests started in the nation’s capital, Colombo, in April and spread across the country. People have been struggling with daily power cuts and shortages of basic essentials such as fuel, food and medicines. Inflation is running at more than 50%. The country doesn’t have enough fuel for essential services like buses, trains and medical vehicles, and officials say it doesn’t have enough foreign currency to import more.
This lack of fuel has caused petrol and diesel prices to rise dramatically.
So what happens when a nation runs out of money?
If we want to call it what it is, then Sri Lanka is flat out broke. Sri Lanka is that friend that is currently down on their luck and I mean down on their luck, bad.
Due to this, Sri Lanka has no money to buy the goods its citizens need. Similarly, the country cannot pay back its foreign debt, which Sri Lanka failed to make this past May for the first time in history. Failure to pay debt interest can further harm the confidence in a country’s currency and economy.
