The economic crisis in Sri Lanka starts in 2019, Source of foreign revenue has been devastated first by the terrorist bombing in 2019 and then by the covid pandemic the war in Ukraine has also added to rising fuel and food prices and the global downturn has meant that another reason behind the economic crisis in Sri Lanka is Sri Lankans living overseas have not sent less money home.
Protesters also blame the man outgoing president go to buyer Mahinda Rajapaksa part of a family dynasty that’s dominated politics here for two decades now he banned fertilizer imports supposedly to make Srilanka more organic but it devastated the rice crop and led to food shortages. He also cut taxes but this left the government struggling to pay its bill and he borrowed heavily leaving foreign debt worth 50 billion dollars much of it owned by china and served that has drained currency services leaving little left to buy food imports
And also the president has now fled leaving a political vacuum as MPs struggle to agree possibly some kind of unity government and all that matters because without a stable government Sri Lanka may struggle to win international support .its already discussing the possible bailout from the international monetary fund and its talking to china about its debt so there is an uncertain future for a strategically important island nation where economic crises have now been followed by political upheaval
President rajpaksha has fled the country as Sri Lanka suffers from the worst economic crisis in decades. Tens of thousands took to the street to demonstrate against the president and the administration that he is leading they are being blamed now for allowing this crisis to grow
Economical collaps
- Inflation is more than 50%
- Food price soaring up 80%
- Transport cost more than doubling
- 6.26 million don’t have enough food
- Tourist numbers dropped
