Slow growth and record inflation: Lanka economy under severe pressure ...Qatar

Sri Lanka’s $81bn economy is under severe pressure, with Russia’s invasion of Ukraine raising global oil prices. It announced a default on its $51bn foreign debt yesterday amid its worst economic crisis since independence in 1948 and escalating protests demanding the government’s resignation. All outstanding payments to bond holders, bilateral creditors and institutional lenders will be suspended until a debt restructure, the finance ministry said. The newly appointed central bank governor said authorities are seeking to negotiate with creditors. The island nation of 22mn people has been hit by prolonged power cuts and shortages which have drawn protesters out on to the streets – in a thr

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Last updated : 12 April 2022 clock 11:29 PM

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