Sri Lanka on the brink of bankruptcy: Consumers hit hard by soaring inflation, food shortages
By France24
24 February 2022 |
6:22 am
Sri Lanka's ongoing economic meltdown is getting worse day by day. It's the worst financial crisis this island nation of 22 million people has faced since its independence seven decades ago. The country's foreign reserves have been dangerously low in recent months, and experts fear the country is on the verge of default.
In this article
Related
June 2, 2023
Related
17 May
Inflation is finally cooling in the US. But has the Federal Reserve really reached the end of its rate hikes? And what does that mean for other central banks? We speak to Susannah Streeter, Head of Money and Markets at Hargreaves Lansdown.
26 May
German consumers are looking less concerned when shopping for groceries these days, as prices for food have begun falling slowly. But is peak inflation behind them?
10 Jun
With the UN's refugee agency bureau on the verge of closing, those in limbo fear their already grave situation is about to get worse.
2 Jun
The annual inflation rate in the Eurozone dipped sharply in May to 6.1 percent, its lowest level since Russia invaded Ukraine last year. Despite this, European Central Bank Chief Christine Lagarde hinted at further, more gradual interest rate hikes to bring inflation down to its target of 2 percent.
11 Jun
The Reserve Bank of India has left the benchmark repo rate unchanged at 6.5% as inflationary pressures ease. However, the bank warned some risks remain.
12 Jun
Food prices have almost doubled within a year, and increasing numbers of retired people are falling below the poverty line. Meanwhile, the government continues to invest heavily in the arms industry.
19 Jun
The latest El Nino climate phenomenon has arrived, threatening floods in some areas of the world and droughts in others. Previous disruptive weather patterns cost the global economy trillions and stoked inflation.
30 Jun
Annual inflation dropped to 5.5% in the 20 eurozone countries. However, the European Central Bank is still expected to raise interest rates in July.
9 Jul
The Dutch government has decided to return some 478 highly valuable and culturally significant artworks, which had been looted during the Dutch colonial era.
16 Jul
African currencies have lost ground against the US dollar this year, further driving inflation in the import-reliant region. Depleting dollar reserves have left policymakers with limited options to arrest the decline.
30 Jul
Sri Lankan President Ranil Wickremesinghe discussed potential joint infrastructure projects, including building a land bridge across the Palk Strait, during an official visit to India.
Latest
8 hours ago
One month after opening a Tesla factory in Berlin, tech enterprenuer and billionaire Elon Musk opened the newest electric car making facility in Austin, Texas.
10 hours ago
We look at the profiles of some of the hostages released by Hamas over the past three days and take a look at how Israeli papers are reacting to the hostage release deal. We also see why there's little optimism ahead of this week's COP28 climate summit in Dubai. We finish with a look at this year's highly timely Booker Prize winner.
10 hours ago
Samuel Paty was killed by a suspected Islamist after showing cartoons of Prophet Mohammad to his class. Five teenagers are charged with identifying the teacher to his killer for payment.
11 hours ago
North Korea has sent troops to restore border posts that were taken town as part of an agreement to ease tensions, Seoul says.
11 hours ago
The protesters were blocking shipping traffic at the Port of Newcastle over the weekend, challenging the nation's dependence on fossil fuel exports.
×

Get the latest news delivered straight to your inbox every day of the week. Stay informed with the Guardian’s leading coverage of Nigerian and world news, business, technology and sports.