Sri Lanka economic crisis: New finance minister quits after one day. 5 developments1 min read . Updated: 05 Apr 2022, 01:57 PM IST
- Sri Lanka economic crisis: A major problem that Sri Lanka is facing is its huge foreign debt burden, and it owes over $5 billion to China alone.
Sri Lanka is facing the worst economic crisis since gaining independence in 1948. The recession is attributed to foreign exchange shortages caused by the clampdown on tourism during the COVID-19 pandemic. This has left the country unable to buy enough fuel, with people facing acute scarcity of food and basic necessities, heating fuel and gas.
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