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The 2022 Sri Lankan political crisis was a political crisis in Sri Lanka due to the power struggle between President Gotabaya Rajapaksa and the people of Sri Lanka. It was fueled by the anti-government protests and demonstrations by the public due to the economic crisis in the country.
The Sri Lankan economic crisis [8] is an ongoing crisis in Sri Lanka that started in 2019. [9] It is the country's worst economic crisis since its independence in 1948. [9] It has led to unprecedented levels of inflation, near-depletion of foreign exchange reserves, shortages of medical supplies, and an increase in prices of basic commodities. [10]
Sri Lanka's economic crisis was further accelerated by global impacts including the global recession caused by the start of the COVID-19 pandemic in 2020, and the food and energy shortage and price hike following Russia's invasion of Ukraine in early 2022.
Sri Lanka has been struggling with an economic crisis since declaring bankruptcy in April 2022 with more than $83 billion in debt, more than half of it to foreign creditors.
The sun sets on Sri Lanka's protest movement (for now). Arun Sankar/AFP via Getty Images)Sri Lankan President Gotabaya Rajapaksa formally resigned on July 15, 2022, having earlier fled the country ...
Sri Lanka's year-on-year economic expansion in the third quarter of 2023 was 1.6% and in the fourth quarter 4.5%, the IMF said. ... Sri Lanka plunged into its worst economic crisis in early 2022 ...
[10] In May 2022, Sri Lanka defaulted on its debt for the first time in the country's history. [12] Negotiations between the IMF and Sri Lanka regarding lending to resolve the balance of payments crisis are ongoing. As of July 18, 2022 acting president Ranil Wickremesignhe stated that negotiations were nearing conclusion. [13] Controversy
Sri Lanka has been grappling with an unprecedented economic crisis since 2022, after suspending repayment of foreign loans because of a severe foreign currency crisis triggered by the COVID-19 ...