The turmoil driving unrest in Colombo and beyond has roots in the wrong economic decisions of the last 20 years.
Sri Lanka Crisis: India's neighbor Sri Lanka has reached the poverty threshold today. Inflation is skyrocketing here. Power supply has been disrupted across the country. Necessary surgeries for patients due to lack of electricity and unnecessary surgeries are also not performed in the hospital. Factories are closed, examinations are canceled due to lack of papers, and train-bus traffic is jammed due to lack of oil. The supply chain has completely collapsed, the stoves in the house have been shut down, and the shops have been looted due to a shortage of food.
Rajapaksa government responsible?
With soaring prices of essentials in Sri Lanka, rice is being sold at Rs 250 per kg, wheat at Rs 200 per kg, sugar at Rs 250 per kg, coconut oil at Rs 900 per kg, and milk powder at Rs 200 per kg. 2000 per kg. People are only blaming the Rajapaksa government of Sri Lanka for this situation in the country. In particular, the people hold the Sri Lankan government responsible for the dynasty because the five big faces of the Sri Lankan government are from the Rajapaksa family.
Sri Lanka's economy collapses.
April 2021 Debt - 00 3500 million
April 2022 Debt - $ 5100 million
In April 2021, the total debt of Sri Lanka was $ 3500 million, which has increased to $ 5100 million in just one year. Most of Sri Lanka's debts include obligations that the country has to pay dearly for not being able to repay.
Where did Sri Lanka borrow?
Asian Development Bank 13%
World Bank 10%
Protests will intensify in the coming days.
The Sri Lankan government made a lot of money by borrowing, but now it is time to repay. Of the debt owed to Sri Lanka, 47 percent is borrowed from the market. This is followed by 15 percent from China, 13 percent from the Asian Development Bank, 10 percent from the World Bank, 10 percent from Japan, 2 percent from India, and 3 percent from other places. Meanwhile, Sri Lanka's coffers are empty, the people are on the streets, and the opposition is standing behind them, putting the entire Rajapaksa government to sleep.
Opposition groups called for a boycott of the protest. Opposition leader Sajith Premadasa said, "We will not reduce our protest. Our demands are the demands of the people of this country, and we are fighting for the people of our motherland." In such a situation, the question arises as to why Sri Lanka was in such a state.
How did Sri Lanka go bankrupt?
-There are many reasons for the bankruptcy of Sri Lanka, including the government's policies, and the main one is Corona.
-Sri Lanka's economy was largely dependent on tourism
-Corona harmed the shortage of tourists
-Government did not curb corruption
-Ban production due to ban on chemical fertilizers
Inflation rose due to a decline in food grain production
- Stocks of foreign currency became empty due to a lack of tourists and products
- It was terrible because of the loans taken from China on strict terms
- Free scheme to attract angry masses went bankrupt
The wrong policies of the government are most responsible
The government's destructive policies are most accountable for the economic crisis in Sri Lanka. One of the biggest mistakes is the free game of cheating the people, this game is overgrowing in India, and now the country's bureaucrats have even warned Prime Minister Modi about it.
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