Monday, August 16, 2021

Why Sri Lanka's economy is in crisis

 Sri Lanka has cut back on imports of farm chemicals, cars and even its staple spice turmeric as its foreign exchange reserves dwindle, hindering its ability to repay a mountain of debt as the South Asian island nation struggles to recover from the pandemic.

Toothbrush handles, venetian blinds, strawberries, vinegar, wet wipes and sugar 

are among the hundreds of foreign-made goods that were banned or made 

subject to special licensing requirements meant to chip away at a trade deficit that

 has been deepening the country’s financial quandary for years.

Shortages are pushing prices higher for many consumer goods, from bread to 

construction materials to gasoline, triggering protests among Sri Lankans fed up with

 the prolonged crisis.

https://apnews.com/


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