All About Sri Lankan Economic Crisis
In 2019, The World Bank ranked Sri Lanka as the highest middle-income status country
Sri Lanka's foreign debt has tripled and reached $ 51 billion
More than $ 7 billion will be needed this year alone to pay over interest
Up to 14 per cent of Sri Lankan government loans are from China.
Over the past two years, foreign exchange reserves have melted by almost 70 per cent
Sri Lanka has been spending more than its revenue
The Sri Lankan tourism alone contributes $ 5 billion to the country's economy.
Tourism dropped significantly after Covid
Rising international oil prices have put a further burden on Sri Lanka.
Sri Lanka imports large quantities of food items from Russia and Ukraine.
Poor financial and monetary decisions were the root cause of the Sri Lankan crisis.