Sri Lanka Reels From Its Worst Ever Economic Crisis
THE WEEK|April 03, 2022
Hit by the worst economic crisis in its history, sri lanka is on the brink of bankruptcy. Irrational policy decisions of the ruling rajapaksa clan have destroyed the island’s economy which was recovering from the ravages of the pandemic
Lakshmi Subramanian
Sri Lanka Reels From Its Worst Ever Economic Crisis

The city of Colombo is famous for its pristine beaches, clean streets, heritage buildings, delicious cuisine and zestful people. Leaving behind the bitter memories of the decades-long civil war which ended in 2009, and the 2019 Easter bombings, the Sri Lankan capital and the rest of the country have been returning gradually to normalcy. Yet, all the progress the country has made in that journey seems to be going up in smoke as it faces a grave economic crisis, leaving it on the verge of bankruptcy.

Matters have taken a turn for the worse since January, with food and fuel prices going out of control, and now, crippling shortages. With its foreign exchange reserves nearly depleted, the island nation of 2.2 crore people is unable to import even basic necessities like rice, milk and kerosene.

President Gotabaya Rajapaksa, praised as “Terminator” by his supporters for putting an end to the civil war, said his country would work with the International Monetary Fund (IMF) to tackle the crisis. He put the blame for the downturn on previous governments. “When those who contributed to the crisis are criticising the government, I am trying to resolve it and provide relief to the people,” said Gotabaya.

But the president’s explanation has not gone down well with the people. Anger, frustration and desperation to grab whatever food and fuel is available is a common sight in the streets of Colombo. Armed forces have been deployed to oversee fuel distribution in many places.

Diese Geschichte stammt aus der April 03, 2022-Ausgabe von THE WEEK.

Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.

Diese Geschichte stammt aus der April 03, 2022-Ausgabe von THE WEEK.

Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.

WEITERE ARTIKEL AUS THE WEEKAlle anzeigen
William Dalrymple goes further back
THE WEEK India

William Dalrymple goes further back

Indian readers have long known William Dalrymple as the chronicler nonpareil of India in the early years of the British raj. His latest book, The Golden Road, is a striking departure, since it takes him to a period from about the third century BC to the 12th-13th centuries CE.

time-read
3 Minuten  |
November 17, 2024
The bleat from the street
THE WEEK India

The bleat from the street

What with all the apps delivering straight to one’s doorstep, the supermarkets, the food halls and even the occasional (super-expensive) pop-up thela (cart) offering the woke from field-to-fork option, the good old veggie-market/mandi has fallen off my regular beat.

time-read
2 Minuten  |
November 17, 2024
Courage and conviction
THE WEEK India

Courage and conviction

Justice A.M. Ahmadi's biography by his granddaughter brings out behind-the-scenes tension in the Supreme Court as it dealt with the Babri Masjid demolition case

time-read
2 Minuten  |
November 17, 2024
EPIC ENTERPRISE
THE WEEK India

EPIC ENTERPRISE

Gowri Ramnarayan's translation of Ponniyin Selvan brings a fresh perspective to her grandfather's magnum opus

time-read
4 Minuten  |
November 17, 2024
Upgrade your jeans
THE WEEK India

Upgrade your jeans

If you don’t live in the top four-five northern states of India, winter means little else than a pair of jeans. I live in Mumbai, where only mad people wear jeans throughout the year. High temperatures and extreme levels of humidity ensure we go to work in mulmul salwars, cotton pants, or, if you are lucky like me, wear shorts every day.

time-read
2 Minuten  |
November 17, 2024
Garden by the sea
THE WEEK India

Garden by the sea

When Kozhikode beach became a fertile ground for ideas with Manorama Hortus

time-read
4 Minuten  |
November 17, 2024
RECRUITERS SPEAK
THE WEEK India

RECRUITERS SPEAK

Industry requirements and selection criteria of management graduates

time-read
3 Minuten  |
November 17, 2024
MORAL COMPASS
THE WEEK India

MORAL COMPASS

The need to infuse ethics into India's MBA landscape

time-read
5 Minuten  |
November 17, 2024
B-SCHOOLS SHOULD UNDERSTAND THAT INDIAN ECONOMY IS GOING TO WITNESS A TREMENDOUS GROWTH
THE WEEK India

B-SCHOOLS SHOULD UNDERSTAND THAT INDIAN ECONOMY IS GOING TO WITNESS A TREMENDOUS GROWTH

INTERVIEW - Prof DEBASHIS CHATTERJEE, director, Indian Institute of Management, Kozhikode

time-read
3 Minuten  |
November 17, 2024
COURSE CORRECTION
THE WEEK India

COURSE CORRECTION

India's best b-schools are navigating tumultuous times. Hurdles include lower salaries offered to their graduates and students misusing AI

time-read
8 Minuten  |
November 17, 2024