Poket News

Srilanka to go bankrupt by 2022 with record-high inflation

 

  • Sri Lanka is facing a deepening financial and humanitarian crisis as inflation rises to record levels, food prices rocket and its coffers run dry.
  • The meltdown faced by the govt, led by president Gotabaya Rajapaksa, is in part caused by the immediate impact of the Covid crisis and the loss of tourism but is compounded by high govt spending and tax cuts eroding state revenues, vast debt repayments to China.