Sumit Ganguly and Dinsha Mistree,
Sri Lanka announced last week that it would default on $51 billion of foreign debt, marking the first time in 20 years that a South Asian country has faced such an economic crisis. Sri Lankans now lack fuel for their cars, face regular power cuts, and are preparing for a looming food shortage. Although recent challenges—chief among them the COVID-19 pandemic—have compounded Sri Lanka’s economic plight, the default has been decades in the making.
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