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Sri Lankan government declares inability to repay $ 50 billion in foreign debt

In fact, this South Asian country is in the worst economic crisis ever since gaining full independence from Britain in 1948, with severe shortages of many major commodities, including power outages. Regular electricity, which ultimately causes hardship to the population. China is the largest creditor of Sri Lanka and the second largest is India. In 2017, due to the largest debt from China, Sri Lanka cut the port for Chinese companies to manage to pay off debts. The reasons for Sri Lanka falling into such a severe financial crisis are the failure of international airport projects, agriculture and the 19-crisis Kovid crisis, which has increased foreign debt.

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Authorities, meanwhile, have been embroiled in public outcry, with protests erupting for the government to step down ahead of negotiations for emergency funding from the International Monetary Fund.

However, Central Bank Governor Nandalal Weerasinghe said he needed Sri Lankans living abroad to help the country in this difficult time with much-needed foreign currency donations.

The call came after the government announced it was suspending all foreign debt to cover the remaining funds to supply oil, medicine and other essentials.

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Chaw Nhchy

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