• Anshika Hajela
• Brijesh Rawat

A default can seriously damage investors' confidence in a country, making it harder for it to borrow money on international markets and threatening the value of its currency. Sri Lanka owes $50bn (£40bn) to foreign creditors but says it cannot pay them. It is asking for a loan from the International Monetary Fund (IMF). Prime Minister Wickremesinghe has said the nation also urgently needs $75m (£60.8m) of foreign currency in the next few days to pay for essential imports such as fuel. For months, Sri Lanka has lacked the foreign currency to buy all that it needs from abroad. Shortages of food and fuel have caused prices to soar. Inflation is now running at 30%. There have been power cuts, and a lack of medicines has brought the health system to the verge of collapse. People started protesting out on the streets of the capital, Colombo, in early April and the protests have spread across the rest of the island.

An Insight into the Sri Lankan Economic Crisis

"An Insight into the Sri Lankan Economic Crisis", International Journal of Emerging Technologies and Innovative Research (www.jetir.org), ISSN:2349-5162, Vol.9, Issue 10, page no.b203-b211, October-2022, Available :http://www.jetir.org/papers/JETIR2210136.pdf

"An Insight into the Sri Lankan Economic Crisis", International Journal of Emerging Technologies and Innovative Research (www.jetir.org | UGC and issn Approved), ISSN:2349-5162, Vol.9, Issue 10, page no. ppb203-b211, October-2022, Available at : http://www.jetir.org/papers/JETIR2210136.pdf