As Sri Lanka braces for a perfect economic storm, has China overtaken India in the race to provide a lifeline?
Published
Oct 03 2021 at 9:00 AM GMT
Key
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Points
- Saddled with billions of dollars of debt and a junk credit rating, Sri Lanka is caught in a perfect economic storm, with near-empty foreign exchange coffers; a sliding currency; shortages of food, medicine and cooking gas; as well as Covid-19 cases hitting record highs.
- And now the island of 22 million people is staring at the spectre of default.
- Finance minister Basil Rajapaksa in September conceded that Sri Lanka faces “a severe foreign exchange crisis”.
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- Published Oct 3, 2021 9:00 AM GMT