Tag: Sri Lanka
Will Malaysia go bankrupt like Sri Lanka? Tengku Zafrul Tengku Abdul Aziz, the finance minister of Malaysia, responded to suggestions that due to government debt, the nation would experience financial devastation similar to that of Sri Lanka.
According to Bloomberg's Sovereign Debt Vulnerability Ranking, here is the list of countries with the highest default risk.
A notification from the RBI has announced that India now allows international trade settlement in Rupee with Russia, Sri Lanka, and other nations.
The movement began in March, when thousands flocked to the streets to protest long power outages and rising prices, as well as to demand that the Rajapaksa family that had dominated the country's politics for much of the last 20 years to leave power. This is how a band of activists brought down the Sri Lankan government.
Sri Lanka's current economic crisis has emerged as a result of years of poor economic management. The timeline below considers the factors behind it.
Considering that Sri Lanka owes more than $50 billion in foreign debt, it remains uncertain how it compensated for the Russian crude. But the deal has been done as Russian oil is saving Sri Lanka from an energy crisis.
According to Oxfam Australia Chief Executive Lyn Morgain, the pandemic created a new billionaire every 30 hours and pushed a million into extreme poverty every 33 hours.
The Sri Lankan government has announced that citizens should not wait in line for petrol as the crisis-hit Sri Lanka defaults on debt and runs out of fuel.
Sri Lanka merely has enough petrol to span a single day, and the country's new prime minister has cautioned that power shortages could last up to 15 hours every day, as it confront its biggest economic crisis ever since independence in 1948.
Sri Lanka which is experiencing its worst economic downturn since its 1948 independence has declared default and is now looking for emergency IMF bailout.
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