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https://theconversation.com/whats-happening-in-sri-lanka-and-how-did-the-economic-crisis-start-181060>
"The island nation of Sri Lanka is in the midst of one of the worst economic
crises it’s ever seen. It has just defaulted on its foreign debts for the first
time since its independence, and the country’s 22 million people are facing
crippling 12-hour power cuts, and an extreme scarcity of food, fuel and other
essential items such as medicines.
Inflation is at an all-time high of 17.5%, with prices of food items such as a
kilogram of rice soaring to 500 Sri Lankan rupees (A$2.10) when it would
normally cost around 80 rupees (A$0.34). Amid shortages, one 400g packet of
milk powder is reported to cost over 250 rupees (A$1.05), when it usually costs
around 60 rupees (A$0.25).
On April 1, President Gotabaya Rajpaksha declared a state of emergency. In less
than a week, he withdrew it following massive protests by angry citizens over
the government’s handling of the crisis.
The country relies on the import of many essential items including petrol, food
items and medicines. Most countries will keep foreign currencies on hand in
order to trade for these items, but a shortage of foreign exchange in Sri Lanka
is being blamed for the sky-high prices."
Cheers,
*** Xanni ***
--
mailto:xanni@xanadu.net Andrew Pam
http://xanadu.com.au/ Chief Scientist, Xanadu
https://glasswings.com.au/ Partner, Glass Wings
https://sericyb.com.au/ Manager, Serious Cybernetics
