Sri Lanka's new president, Ranil Wickremesinghe, must now confront upheaval unleashed by the pandemic and the war in Ukraine. The six-time former prime minister inherits a bankrupt nation with a collapsed economy and now faces a daunting task.
. “Countries with high debt levels and limited policy space will face additional strains. Look no further than Sri Lanka as a warning sign,” she said.Sri Lanka, once considered a success story with high levels of education and standard of living, could now be the first among a litany of developing countries that will face political instability.
“It just shows you how much impact bad management and outright corruption can really derail what would otherwise be a wealthy country,” he said. “There are high chances that though an agreement [with IMF] might happen this year, the aid would not likely come this year,” he said. “There is a lot of uncertainty.”“The liquid external resources available with the central bank are almost nonexistent,” Nandalal Weerasinghe, Sri Lanka’s Central Bank governor, toldthis week. All available foreign exchange resources had been used for importing gas, he said, adding that the country has secured fuel supplies for the next few weeks.
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