Sri Lanka Economic Crisis is Getting Worse

[naira]

“Today in this country we have a fuel crisis, a food shortage, we have the head of the World Food Program coming here and we have several matters to discuss with the IMF,” Wickremesinghe said. “Therefore, if this government leaves there should be another government.”

Saturday the 9th of July the Sri Lankan palace finally became the final point where everything broke and was unavoidable. The crisis that befell this country is getting more and more unstoppable, plus the impact of the pandemic and the death of the tourism industry due to terrorist attacks in 2019. Protesters burst into the palace. Sri Lanka's president and prime minister inaugurated himself and fled by plane.
 
Some of Sri Lanka problems which I summarize as follows:

• Debt swells to $51 billion
• Corruption has increased dramatically
• High imports to meet needs are not supported by exports to global markets
• Gasoline out of stock
• Breakthrough inflation reaches 60%
• Civil servants are not paid
• Power failure
• School closed
• Hospitals as health facilities are also collapsing
• Silenced freedom of speech, and
• People experience experiences from all sectors, especially the economy in supporting their daily needs (food, drink, clothing, and housing).

From this incident, a corrupt government that only cares about personal interests on the basis of ambition will lead to destruction. An unbalanced economic system and uncertainty about campaign promises are the main weapons.

What do you think about the economic crisis in Sri Lanka?

Source:

• https://apnews.com/article/asia-economy-sri-lanka-074d8194c64572dc80118f88a01df1c2?taid=62c9b9b4c95ca00001c0a1cb&utm_campaign=TrueAnthem&utm_medium=AP&utm_source=Twitter
• https://www.adb.org/countries/sri-lanka/economy
• https://twitter.com/disclosetv/status/1545689501758111744

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[coupable]

What the Srilankan masses have done today is a revolution to change the political class that in their view was responsible for all these economic failures. But the problem is that there is no leader for this revolution, and it is not organized but rather spontaneous, not led by an enlightened elite capable of finding a way out for the country from the bottleneck.
And despite the escape of the president and his deputy, the changes returned to take a legal form, with the speaker of parliament governing the country until the next political change, and this is mainly due to the absence of an alternative among the masses.

[Baofeng]

I guess this is the effect of the war in Europe. Perhaps they have been in worsening scenario already with the pandemic, but it then added when they can't buy fuel, they don't have enough foreign currency to pay. And worst, it was reported that they only have a week supply of fuel left.

Not sure if a revolution is needed to change who is heading the government, but they are in dire problems, and in the verge of collapse. China might step up to help though.

[edgycorner]

It's corruption, nothing else.

Whoever was in power, pocketed china's "loan" and staked the future of the entire nation on a few industrial projects. They kept on feeding this mistake, by cutting down on imports(like fertilizers) and as a result affecting the production of their main export too(tea).
To console the public, they would cut taxes( ).

Corruption and greed destroyed SL.

[hatshepsut93]

It's good to see that Sri Lankan people are brave enough to kick out their corrupt government, because in a lot of countries this is no the case, and the government would rather kill the protestors to stay in power. I hope the new government will make sure that the necessary reforms will happen, although such reforms could take many years until their effects would be felt, so sadly there's still years of economic struggle ahead.

[dothebeats]

It still surprises me that Sri Lanka is undergoing such terrible events like this one on their country. Then I realized that there really isn't anything that they can do to revive their economy easily given that they only rely on tourism, an opportunity which was cut by the pandemic. They cannot take loans anymore due to the fact that there isn't anything they can pay with. All they need is a bail out and an economic reset, something that doesn't come for free. Kicking the corrupt officials out of the office is a start, and finding for a new government to restart everything is another.

[Hispo]

It's good to see that Sri Lankan people are brave enough to kick out their corrupt government, because in a lot of countries this is no the case, and the government would rather kill the protestors to stay in power. I hope the new government will make sure that the necessary reforms will happen, although such reforms could take many years until their effects would be felt, so sadly there's still years of economic struggle ahead.

I agree. We can only hope that this is just the beginning for Sri Lanka to get better politicians, after all governments are supposed to fear the people. However, reading the briefing of the situation that country is goinf through I am afraid they will likelyhav to adquire even more debt to have a chance to climb put that economic hole they are trapped in, this may create a situation in which predatory lenders would take advantage of the moment of weakness of the nation in order to fill their pockets in the mid/long term.

At this point, they need actual patriots to take the steering wheel of the politics and macro-economics, other-wise a dark future lies ahead for that people.

[niceli]

There is a bit of a coin flip in these type of situations, you see the alternative, and you see the possibility of what could this be, bads and goods of each side, and you never really know whats going to happen. Just to take Syria for example, we know there is a huge war there right? Been over a decade now. Who was the leader there? A guy who was a secular person who wanted to rule the nation without islamist rule, and for this, do bad things and killed people and deported many, and never gave free rights at all. Wel lwe have seen what the other side wanted and won, that is Afghanistan, a nation ruled by islamists right now. I don't see how any side wins, both side looks to be doing terrible stuff.

I have very little information about Sri Lanka, and I am sure they must be doing badly, otherwise why would this happen, and we always like to see people takeover power, but if those people are the ones that really believe in giving it back to democracy. I don't know if that will be the case in Sri lanka. Al lI know is, give it a few years to see if this is a good thing or not, you can't for sure know if this is good or not, it could turn out to be the best thing that ever happend to Sri Lanka, or it could turn out to be horrible.

[electronicash]

this started even before covid though so reasons got accumulated but this gas supply made it worse. saw the news where the tuktuk lined up stretches to miles waiting for their turn to refuel.

Protesters burst into the palace. Sri Lanka's president and prime minister inaugurated himself and fled by plane.

sounds like Trump's Capitol siege. yep we have seen it many times in this century where leaders fly by plane and its not surprising anymore, people will blame and kill him by hand if he stays. isn't India helping the country?  both country seem related who comes from same root.

so what does Wickremesinghe of IMF mean? do they want to replace Sri Lanka like colonize them or Sri Lanka can elect another leader?  this could lead to a more terrible, they better reelect a reliable leader  this time.

[Findingnemo]

Saw some real videos of the situation by social media influencers yesterday but the problems are not going to solve just by kicking the corrupted politicians, the upcoming government has lot to do and for that they need funds as well so again the debt will increase but the people should find a way to solve issues as soon as possible or else the chaos will create among the people as well.

[LodisMcguire]

This is what happens when the corruption in the government by most politicians reached the peak.The people got no fuel,water and electricity,as for the politicians they fled with their wealth to live in another country.It's the same for every country with the case of corruption,but the difference is some know where the line is.

[Text]

I can't imagine if this would happen to our country *finger crossed", I hope not, I'm scared.

Corruption is like a cancer disease especially in government, if what the people vote for is not worthy then this is the result. The leader of the country must be a true servant of the people.

Their situation is very difficult now, everyone is affected by what is happening in the country. If you think about it now, you can’t tell how they will start their new government now that the country is bankrupt.

Isn't it, that he has been demoted, why doesn't he want to step down if he doesn't have the ability anymore? This should be a lesson to all of them, that is if they learn to choose those who should be appointed to the position.

[Alisha-k]

A big revolution in disguise. The people of Sri Lanka were able to achieve this mile stone of success because the protest was done without sentiment and this as well will send strong message to future leaders. There are chances better leaders are on the pipeline. This will serve as a filter for intended corrupt leaders for fear of what might erupt if they toil in the path of Rajapaksa

[Leviathan.007]

Saw that on the news yesterday about the people who were entering the president's place and they were unhappy because of their situation even some of them didn't have the gas for the cars to come there so they used the bicycles to go to the president's place, I know Sri Lanka was always a country with a bad economic situation but these days because of the economic crisis all over the world they will have more economic pressure and these all bad news can be a reason to their corrupted government. Hope good things happen for them after this time because usually, a protest like this will have many consensuses for everyone.

[so98nn]

Yeah, its bad man and I am actually watching the telecast right now. The crowd has just went all democratic in the Presidential property and show casing what they need right now is justice!

I am truly in the court of peeps of sri lanka to be honest because it's in the leaders hand on how to approach his peeps and how to overcome the crisis situation in the country.

The footage shows how the President had kitchen's full of food, grains and rice and living the good life. It's sad reality and those peeps had perfect approach. Next step is country falling into the hands of another country. When they gonna pay 51 billion dollars, thats not even their ten years GDP?

[davis196]

I don't know about the economic and financial situation in Sri Lanka in detail, because there aren't any news about Sri Lanka in where I live.
In my country, most of the news are about the war in Ukraine and the global inflation. What's happening in the underdeveloped Asian, African and Latin American countries gets very little press coverage.
I heard today that the president of Sri Lanka is about to resign and there were big protests in his residency. Perhaps Sri Lanka would declare bankruptcy and start negotiating better terms with the creditors. The International Monetary Fund will have to step in and provide some kind of financial aid. I'm no fan of the IMF and I don't think that they can help the poor countries getting out of their debt problems and poverty, but I guess that Sri Lanka doesn't have many options in the current situation. 

[Zlantann]

Although the government of Sri Lanka is alleged to be corrupt and insensitive to the sufferings of the masses but I commend them. The President and his deputy fled out of the presidential villa. These are true democrats that understands that power belongs to the people. When the same thing happened in Mayamar, Belarus and Nigeria, protesters were massacred and nobody was help responsible till date. The police and military of Sri Lanka are the true heroes, they quietly left the presidential palace immediately they discover that they have been overpowered by the protesters. 

[Botnake]

We are now seeing what would happen to a country if the economy goes down.

People in this country are suffering now, but this is all because of bad governance.
Honestly, I can't imagine that they will get worse than this, it's the children that will be affected more, hopefully, they will be able to recover although it's very hard to make it happen.

The corrupt people who cause this are probably now leaving this country. 

[Argoo]

It still surprises me that Sri Lanka is undergoing such terrible events like this one on their country. Then I realized that there really isn't anything that they can do to revive their economy easily given that they only rely on tourism, an opportunity which was cut by the pandemic. They cannot take loans anymore due to the fact that there isn't anything they can pay with. All they need is a bail out and an economic reset, something that doesn't come for free. Kicking the corrupt officials out of the office is a start, and finding for a new government to restart everything is another.

Of course, a country that only hopes to profit from tourism will always be subject to various external influences taking place in the world. The coronavirus pandemic has knocked down almost all countries economically. Perhaps, problems that arose from the war that Russia unleashed by attacking Ukraine in the center of Europe were added here.
I like that the people themselves can forcibly remove their corrupt government. We see that if this was possible in Russia, then such consequences from the current war, which will certainly be there in the near future, might not have happened.
But in any case, Sri Lanka needs to develop its economy, and above all, production, so that profits to the treasury are sustainable. We need to reorient ourselves to the necessary production, this is the basis for everything. The current consumer attitude to life will never give a high level of this life, otherwise this country will always remain poor.

[Raflesia]

Saw some real videos of the situation by social media influencers yesterday but the problems are not going to solve just by kicking the corrupted politicians, the upcoming government has lot to do and for that they need funds as well so again the debt will increase but the people should find a way to solve issues as soon as possible or else the chaos will create among the people as well.

I saw from the Tiktok video that I was really horrified to see the situation there, the people managed to occupy the presidential palace because they were threatened with wanting the President to step down, even though now that they have overthrown President Gotabaya Rajapaksa, at least the people will have hope for a new government even though they also need funds to pay off their debts, so this will be a serious crisis will last a long time because Sri Lanka has exhausted its stock of resources it will suffer greatly for a long time.

[Mauser]

Crazy pictures coming out of Sri Lanka the last few days. The president left the country, there is a video where the presidential staff is running with suitcases towards a boat. Looks like they abandoned the country very quickly and didn't prepare for it. After storming the presidential Palace the protestors dug up a lot of money which was legt behind. It's good that people take back the power. In 2022 there should be no more dictators or people in power that take advantage of the poor people. The question is now if Sri Lanka can use this revelution to fix the country. The biggest problem is the weak economcy which depends heavily on tourism. And as long as the country is political unstable there won't be many tourist come to visit.

[bittraffic]

Crazy pictures coming out of Sri Lanka the last few days. The president left the country, there is a video where the presidential staff is running with suitcases towards a boat. Looks like they abandoned the country very quickly and didn't prepare for it. After storming the presidential Palace the protestors dug up a lot of money which was legt behind. It's good that people take back the power. In 2022 there should be no more dictators or people in power that take advantage of the poor people. The question is now if Sri Lanka can use this revelution to fix the country. The biggest problem is the weak economcy which depends heavily on tourism. And as long as the country is political unstable there won't be many tourist come to visit.

BBC video shows people are swimming in the presidential pool. https://www.youtube.com/watch?v=qK1lkzuRmqo

The leaders just made their people very angry with more than 50% inflation rate. They also burned the Prime Minister's house.
They were saying this is people power I guess there will be a new government soon. The parliament will elect again but seem would take time to change the economic situation. A brand new start to rebuild and focus on the priority this time.

[eaLiTy]

What the Srilankan masses have done today is a revolution to change the political class that in their view was responsible for all these economic failures. But the problem is that there is no leader for this revolution, and it is not organized but rather spontaneous, not led by an enlightened elite capable of finding a way out for the country from the bottleneck.

These things happen when you are not having proper food and water nor cooking gas. The entire country was struggling as you are not able to purchase anything even if you are having money and if there is a situation like that, people will obviously revolt because these situations were created by the bad policy changes by the ruling government and hence people are chasing them around.

[kryptqnick]

I am sorry for what's going on in Sri Lanka. Covid is a nightmare for a country that relies heavily on tourism, and I remember how frightened people were about the terrorist attacks in churches right before that. And then there are those credit schemes from China which seem cool but are very harmful to countries that take them in the end. There was also a crop failure which contributed to the crisis. So apart from objective conditions, there was a big mismanagement of a bad situation that made it much worse. I really hope some more qualified people will come and at least partially fix the situation. I applaud the protesters and their success.

[cabron]

An event like this will inspire the people in other countries that are also suffering due to the economic decisions of their leaders when people are already suffering from inflation and couldn't feed the family members, its a social unrest. Boris Johnson is considered lucky to have given the responsibility to someone else this time. The Prime minister of Sri Lanka is not so lucky.

Strange that there are interviews on the news but there is no leader of the demonstrators who steps up to speak on TV.

[naira]

snip~

Of course, a country that only hopes to profit from tourism will always be subject to various external influences taking place in the world. The coronavirus pandemic has knocked down almost all countries economically. Perhaps, problems that arose from the war that Russia unleashed by attacking Ukraine in the center of Europe were added here.
I like that the people themselves can forcibly remove their corrupt government. We see that if this was possible in Russia, then such consequences from the current war, which will certainly be there in the near future, might not have happened.
But in any case, Sri Lanka needs to develop its economy, and above all, production, so that profits to the treasury are sustainable. We need to reorient ourselves to the necessary production, this is the basis for everything. The current consumer attitude to life will never give a high level of this life, otherwise this country will always remain poor.

Every country should learn from the unrest in Sri Lanka. Where all refer to the main reason a country goes bankrupt, debts pile up, and money to pay is not there. As a result, there was an economic crisis, food prices skyrocketed, and finally it became scarce or you could say some economists were playing with prices to stockpile.

It is clear that anyone who sees his country in such chaos will be furious and will ultimately return to the people to reform the failed system. Another impact that has been felt by all countries, namely economic restructuring from the impact of the pandemic and the Ukrainian war, it can be concluded that the government is incompetent in managing the country's wealth sources and a corrupt government instead uses loan funds from the IMF to be used for unproductive sectors such as buying luxury housing facilities for ministers, luxurious official cars, and budgeted for failed projects.

[hyudien]

I don't think this will be over any time soon. The country of Sri Lanka will need help in overhauling its country system. but who will help? borrow back from the IMF? it's a bad choice
Depending on China bid, what has Afghanistan done after taking over the government?

What is clear is that we will see this country in a bad state. Will countries like the US intervene? obviously will not be 100%, because they are also in an inflation crisis.

[teosanru]

Sri Lankan crisis in nothing but a depiction that how a bad leader can push the entire country into a dark phase. Sri Lanka is a very developed country in terms of the literacy and health, however in terms of economy it is now ruined. The only way for it to come back on track is, first of all have elections and set up an organized government structure and then setup an economic policy to take foreign assistance, it's impossible for them to sustain alone at this point in time, they will need help of either China or India

[Sterbens]

Sri Lanka crisis was a major blow to the country. The reason is that depending on India financially is not necessarily a complete solution. It must be the worst crisis in Sri Lanka history. Rebuilding the government requires huge costs, overhauling all economic sectors makes Sri Lanka have to be open to the help of foreign countries which is also not free. Perhaps, as many have said, China will soon step in to offer economic improvements on the condition of using the Yuan.

Again, this is China opportunity to expand its territorial base in a country in crisis. In fact, the demonstrators have been doing this since last March, blaming it entirely on the president's incompetence in managing the economy, plus a country that has always been there namely India is also focused on improving its economy after being hit by a pandemic storm.
For now, Sri Lanka is uncertain where to start, while the economic recovery must continue.

[Jody.Drummer]

From this incident, a corrupt government that only cares about personal interests on the basis of ambition will lead to destruction. An unbalanced economic system and uncertainty about campaign promises are the main weapons.

What do you think about the economic crisis in Sri Lanka?

In the last 7 decades, Sri Lanka experienced the worst financial crisis we have ever witnessed. News where people enjoy the facilities available in the vacated presidential house. I still remember that in 2019 Lebanon was also in a similar situation due to a shortage of fuel and medicine. From 2019 to 2 years ago, the Venezuelan state 2017 even had a debt of almost 150 billion US dollars. Previously, as bad as other countries namely Zimbabwe, which started 2008 with similar conditions this has become a red light for countries that feel they have resources that can still be utilized but still take loans that are not used properly.

[TheNineClub]

I am not going to comment on the economic situation of the country because I leave that to the experts. But it's great to see people taking action to the streets and subsuquently forcing the two leading men to resign. However, we will see if they will actually resign in the next few days or are they just playing the waiting game until everything cools down.

[crzy]

I am not going to comment on the economic situation of the country because I leave that to the experts. But it's great to see people taking action to the streets and subsuquently forcing the two leading men to resign. However, we will see if they will actually resign in the next few days or are they just playing the waiting game until everything cools down.

Even experts can handle the situation anymore, the people of Sri Lanka is already suffering and they become uncontrollable, if they can’t follow the rules anymore most probably they will suffer more. Their government is already a failure, a full change can be a big help but of course recover from this situation will take years. I hope other countries will help Sri Lanka rise again, this is very unfortunate to their people.

[South Park]

Sri Lankan crisis in nothing but a depiction that how a bad leader can push the entire country into a dark phase. Sri Lanka is a very developed country in terms of the literacy and health, however in terms of economy it is now ruined. The only way for it to come back on track is, first of all have elections and set up an organized government structure and then setup an economic policy to take foreign assistance, it's impossible for them to sustain alone at this point in time, they will need help of either China or India

Without a doubt their leaders are to blame, however while they need help and fast it is unlikely they are going to get that help for free, it is likely other countries will take advantage of the disadvantageous position in which Sri Lanka is and they will try to get huge long term profits from their short term investments in the country, as such even if a change of leadership was needed this was just the first step and the citizens of Sri Lanka need to elect a new leader which can navigate the difficult negotiations that are coming.

[adaseb]

I remember about a month back, the government officials had some event about the food crisis in their country. They basically ended up getting attacked by the angry citizens and one thing that stood out was a new $100K Range Rover which was owned by one of the government officials.

Basically they brought a $100K vehicle to an event to help figure out how to feed the poor and that pretty much tells you everything about that government. Corruption.

[Moneyprism]

my country has also experienced what happened in Sri Lanka.. at that time all communication networks were cut off, hospitals were overcapacity due to demonstrations being fired upon by the army, riots everywhere, many people being kidnapped, hyperinflation, and racism towards the Chinese .. fortunately at that time there was a vice president who was very intelligent and he negotiated directly with the IMF and the IMF agreed to help our country get through the crisis ... but the mystery was that the agreement between the vice president and the IMF was not published and very secret... hopefully Sri Lanka can get help from the IMF and can get through this crisis

[yhiaali3]

Unfortunately, this is a painful reality in Sri Lanka, the country is unable to pay its foreign debts amounting to 51 billion dollars, the Sri Lankan Prime Minister asked the employees to take a long vacation due to the huge fuel shortage in the country!!!! Also, the Central Bank prevented citizens from owning more than 10,000$ as a maximum and for a maximum period of 14 days. Students are demonstrating and demanding the president’s resignation. This is their right of course, but the question is, can a new president and a new government save the country in light of the extremely deteriorating economic conditions? This may be the best solution because rampant corruption in the government and failed economic policies taken by the government have led the country into the abyss.

[bitzizzix]

This crisis is very serious, even this crisis is the worst since the independence of Sri Lanka in 1948, this news spread on television and the cause is the high price of basic necessities, the price of fuel and energy like electricity as a result people are very lethargic and depressed, the situation this is exacerbated by Sri Lanka's inflated debt.
and the soaring debt of sri lanka makes no country or organization in the world willing to provide fuel because the debt is too high, the president of sri lanka is not clear on his job and also very bad. I wish Sri Lanka a speedy recovery as I saw the news and videos the situation there is very chaotic.

[Strongkored]

Seeing this on social media, I don't really understand the real condition but mismanagement is most often the reason why a country goes bankrupt, mismanagement includes high corruption.
Found this news that Protestors find millions in cash at Sri Lanka President Rajapaksa's mansion which attracted protesters not to take the money but instead returned it to the authorities in contrast to corrupt officials that made this country bankrupt.

[Ahli38]

I too recently read the news about the fall of Sri Lanka. even in a video circulating showing the government palace of Sri Lanka which has been occupied by protesters and the president has fled. I have not confirmed the truth of the news. but referring to the source you shared then I now feel sure that the news is true.

and the bankruptcy of sri lanka is because they owe too much and either because the government is corrupt or because it is not able to manage it properly so it is unable to pay the debt. Even I am concerned that in Sri Lanka it is said that there has been a prolonged power outage. I imagine in this modern era without electricity will be very frustrating for some people. And it shows how bad the Sri Lankan economy is. An economic recession is inevitable for Sri Lanka.

[hyudien]

Seeing this on social media, I don't really understand the real condition but mismanagement is most often the reason why a country goes bankrupt, mismanagement includes high corruption.
Found this news that Protestors find millions in cash at Sri Lanka President Rajapaksa's mansion which attracted protesters not to take the money but instead returned it to the authorities in contrast to corrupt officials that made this country bankrupt.

There is no justice that is really ideal, right? Every country has its own crisis and as an example of what Sri Lanka went through has really had a mind-blowing effect on any country. Prolonged economic crisis with the taking of power back into the hands of the people and determine the future direction. Loans and interest that will not be repaid in the near future plunged Sri Lanka into an even more severe economic recession.

[raidarksword]

I feel sorry for our brothers and sisters in the Sri Lanka country, they were devastated what's going on with their country right now that in peril of collapse. Too bad their president already plead outside the country and his government responsible of this economic collapsed after all. Hope they can recover from this, of course this is pretty hard to cope up with.

[BlockchainMentors]

Sri Lanka's foreign currency reserves have virtually run dry, meaning it doesn't have enough funds available to buy goods from other countries.

And in May it failed to make a payment on its foreign debt for the first time in its history.

The government blames the Covid pandemic, which affected Sri Lanka's tourist trade - one of its biggest foreign currency earners.

[tbterryboy]

Seeing this on social media, I don't really understand the real condition but mismanagement is most often the reason why a country goes bankrupt, mismanagement includes high corruption.
Found this news that Protestors find millions in cash at Sri Lanka President Rajapaksa's mansion which attracted protesters not to take the money but instead returned it to the authorities in contrast to corrupt officials that made this country bankrupt.

We are now in a global crisis and that is probably the reason on why the situation got worse in Sri Lanka. Corrupt or not I think a mismanagement can always happen because maybe those who manage their country is not knowledgeable enough or still has a lack of experience. This is why before we vote, it is always advise to vote wisely and only choose those who are really fit for the position because running a country is not child's play.

I am only wondering if how those protesters entered the mansion. Isn't abandoned or what? But they did a good job there of reporting the money that they found. Keeping the money and spending it by themselves can only worsen the situation.

[noorman0]

Seeing this on social media, I don't really understand the real condition but mismanagement is most often the reason why a country goes bankrupt, mismanagement includes high corruption.

It's more precisely the conceptualized mismanagement. Basically, corrupt officials will always abuse the trust of the people.

Found this news that Protestors find millions in cash at Sri Lanka President Rajapaksa's mansion which attracted protesters not to take the money but instead returned it to the authorities in contrast to corrupt officials that made this country bankrupt.

I appreciate their honorable act, but what next? When the highest authority has stepped down from the seat of power, I am not so sure if law enforcement can be fair here because there is no pressure to do so.

[inthelongrun]

Seeing this on social media, I don't really understand the real condition but mismanagement is most often the reason why a country goes bankrupt, mismanagement includes high corruption.

It's more precisely the conceptualized mismanagement. Basically, corrupt officials will always abuse the trust of the people.

Nepotism is rampant in their nation. Imagine the president and its prime minister are brothers? And they also appointed a lot of their family members to many government positions.

The bombings in the capital and then came the COVID pandemic, it totally killed Sri Lanka's big tourism industry. Many of their overseas workers went home weakening foreign remittances and further rising unemployment. Their unbalanced imports and exports aren't ideal too. I think nepotism played a major role in its government's bad economic decisions.               

[coupable]

What the Srilankan masses have done today is a revolution to change the political class that in their view was responsible for all these economic failures. But the problem is that there is no leader for this revolution, and it is not organized but rather spontaneous, not led by an enlightened elite capable of finding a way out for the country from the bottleneck.

These things happen when you are not having proper food and water nor cooking gas. The entire country was struggling as you are not able to purchase anything even if you are having money and if there is a situation like that, people will obviously revolt because these situations were created by the bad policy changes by the ruling government and hence people are chasing them around.

I understand very well how and why these peoples revolt, just as I understand the reasons for the economic collapse caused mainly by politicians' bad choices that are not in the interest of the nation.
What I wanted to say is that this revolution is only the beginning of change and does not mean that it is a solution. The situation may turn for the worse with the rise of new corrupt people. In the example of SriLanka, members of the collapsed regime are the ones who lead the process of change, such as the Speaker of Parliament and others.

[munehungre]

How can we as bitcoiners use our value to better the situation for Sri Lankans?  It seems like donating to the downtrodden is a great way to promote bitcoin as a liquid currency.

[Jody.Drummer]

How can we as bitcoiners use our value to better the situation for Sri Lankans?  It seems like donating to the downtrodden is a great way to promote bitcoin as a liquid currency.

I appreciate your empathy in this crisis in Sri Lanka. However, if there is no alternative fundraising provided directly using Bitcoin. After all, neither Sri Lankan side has announced that they accept Bitcoin. It could be that at times like this it is even misused by parties who try to take advantage of the situation. Don't be careless in donating at a time like this, contributing more is indeed a good act but all of that requires careful planning. Plus bitcoin is in a bear market, I think most people will hold it for a long time rather than donate it, as they also have a much more important need to survive in a less-sided economy after a rate hike.

[Wawa2013]

Seeing this on social media, I don't really understand the real condition but mismanagement is most often the reason why a country goes bankrupt, mismanagement includes high corruption.

It's more precisely the conceptualized mismanagement. Basically, corrupt officials will always abuse the trust of the people.

Nepotism is rampant in their nation. Imagine the president and its prime minister are brothers? And they also appointed a lot of their family members to many government positions.

The bombings in the capital and then came the COVID pandemic, it totally killed Sri Lanka's big tourism industry. Many of their overseas workers went home weakening foreign remittances and further rising unemployment. Their unbalanced imports and exports aren't ideal too. I think nepotism played a major role in its government's bad economic decisions.               

I agree that the economic crisis in Sri Lanka is getting worse because it started with rampant nepotism. As a result, economic mismanagement
occurred, and state finances were increasingly chaotic. Because many incompetent people end up in important positions, and they must only
think of profit for themselves. It is not surprising that there is a severe economic crisis in Sri Lanka, and the people of Sri Lanka are the ones
who suffer the most. They now find it difficult to meet their daily needs, because of the increase in all basic goods and also many products that
have become very difficult to obtain. This is the bad effect of nepotism, because it will destroy a country. Hopefully Sri Lanka can wake up and
get better soon.

[Oceat]

I feel sorry for our brothers and sisters in the Sri Lanka country, they were devastated what's going on with their country right now that in peril of collapse. Too bad their president already plead outside the country and his government responsible of this economic collapsed after all. Hope they can recover from this, of course this is pretty hard to cope up with.

Once there's a corrupt leader the country won't improve anymore it's just adding the problem of the country and it's just right that people finally decided to kick out their leader. Although, they really need a new leader that they can trust and is willing to do everything just to make their country great again. It's only the people that can change that and they badly needed a new leader if their recent leader is nowhere to be found then it's most likely abandoning their duty as a leader of the country.

[LogitechMouse]

Corruption and the massive tax cuts from the taxpayers are the reason why they are suffering right now.

I wonder what will be the future of the country after their corrupt president resigns and left the country with a huge debt that even their treasury isn't enough to pay it all. I'm just hoping for the best for the country and I hope that their next leader will not continue what these corrupt officials did.

[Stella Mese]

I am personally concerned about this condition in Sri Lanka, but I believe this is a lesson for all of us so that we always think and be careful in everything. And in my view the most frightening thing is corruption?  Because with corruption a country must be difficult to get progress in any thing

[Johnyz]

I am personally concerned about this condition in Sri Lanka, but I believe this is a lesson for all of us so that we always think and be careful in everything. And in my view the most frightening thing is corruption?  Because with corruption a country must be difficult to get progress in any thing

Corruption has been the issue since then, even rich countries have their own corrupt politician, it's just that the government in Sri Lanka are too much, after entering into multiple loans especially with China, now they are bankrupt. There's President resign, so what's next with Sri Lanka?
I believe they will suffer more and people should calm down and give a new chance to their government, they should start working together especially on rebuilding their country, this will take years most probably.

[Sithara007]

I am personally concerned about this condition in Sri Lanka, but I believe this is a lesson for all of us so that we always think and be careful in everything. And in my view the most frightening thing is corruption?  Because with corruption a country must be difficult to get progress in any thing

This is a good sign actually. Now the citizens are getting increasingly aware about corruption at top level and they don't tolerate it. This is a lot different from what we had 10-15 years back. From 2004 to 2014, India was ruled by the UPA government, and a lot of us regard it as the most corrupt regime we ever had. But they could do whatever they could and all this went on for a decade because the population got used to the corruption. But the younger generation is more vocal and they get their information from social media. Large-scale corruption is no longer possible.

[Ahli38]

I feel sorry for our brothers and sisters in the Sri Lanka country, they were devastated what's going on with their country right now that in peril of collapse. Too bad their president already plead outside the country and his government responsible of this economic collapsed after all. Hope they can recover from this, of course this is pretty hard to cope up with.

I also feel concerned and sad to see Sri Lanka experiencing a very bad economic crisis. Even the economic reviewer is unavoidable for Sri Lanka. however, it will be a very difficult task for Sri Lanka to emerge from the fatal economic crisis. Sri Lankan citizens are just victims of the crimes of the corruptors in the country. which made the country's economy worse off and reached its lowest point.

[2stout]

Wow, this seems to be quite the implosion.  However, the players and circumstances seem all to familiar and the story quite the same.  In these times, I'm thinking we will see, unfortunately, a few Sri Lanka's.

[stompix]

I don't think this will be over any time soon. The country of Sri Lanka will need help in overhauling its country system. but who will help? borrow back from the IMF? it's a bad choice Depending on China bid, what has Afghanistan done after taking over the government?
What is clear is that we will see this country in a bad state.

And the worse is still to come, history can teach anyone that, and from personal experience, the next few years will be just as nightmarish as the previous.

First thing, when everything is going down the drain you need to take action, and since the leaders are either fleeing or retreating in the shadows, there is a power vacuum and everyone who knows what to do won't be the one voicing his opinion because the measures will mean the end of his career.
Second, the country doesn't have money, so they need money, in order to get it you need to make cuts or get a loan that you will need to pay back with interest, so who is going after this crisis to agree on making expenditure cuts and who will agree to pay more taxes to repay the future loans?
Third, corruption, when it reached this stage, is no longer about the ruling politicians, it's everywhere, from the highest level to the lowest in every part of the administration and public services, how are you going to get rid of it? It took us 30 years after the fall of communism to get rid of most of it and it's still somewhat present, and this only with really bloody reforms and under supervision from the EU, and on top of that, we weren't that corrupt compared to this even during the 90s.

So unfortunately for the ones cheering and taking a swim in the pool the real cold shower is going to come, when you get sick the operation itself is not painful, the recovery is, and if not done correctly you're going to end at the hospital again.

[Paul Pogba]

Sri Lanka is experiencing serious problems because more and more people are finding it difficult to buy oil, distribution is problematic which makes the economy even more chaotic, a strange thing happened with the president of Sri Lanka who fled to the Maldives, this forced the world to immediately move and help Sri Lanka to avoid cases of death the greater one.

[Sithara007]

Sri Lanka is experiencing serious problems because more and more people are finding it difficult to buy oil, distribution is problematic which makes the economy even more chaotic, a strange thing happened with the president of Sri Lanka who fled to the Maldives, this forced the world to immediately move and help Sri Lanka to avoid cases of death the greater one.

This is what corruption can do. Sri Lankan economy was growing at a brisk pace after the end of civil war and tourism was booming. And then they fell in to the debt trap and the economy got destroyed. Partly, the blame should be put on the population as well. They tolerated the corrupt regime for too long, as they were showering freebies and benefits to the voters. And the worst part is that the individuals who are responsible for it have already fled the country with the stolen money and they will be never brought to justice.

[naira]

So unfortunately for the ones cheering and taking a swim in the pool the real cold shower is going to come, when you get sick the operation itself is not painful, the recovery is, and if not done correctly you're going to end at the hospital again.

Temporary pleasure when they vent all the anger, and after that have no solution to get out of the crisis they are experiencing. It is unfortunate that Sri Lanka is currently facing very difficult times. Never found it anywhere waiting for fuel up to 2 days more. Power outages, skyrocketing goods prices and other facilities completely dead, Sri Lanka is not really in a good state. Even though there has been an interim government appointed, it does not mean that it can be easily restored. If the people's demands against the appointed government fail, then a second volume of riots will occur.

[stompix]

Even though there has been an interim government appointed, it does not mean that it can be easily restored.

I was curios about what the new government would be and what the last one was...
So let me get this right
The president that fled was Gotabaya Rajapaksa who is the brother of the prime minister Mahinda Rajapaksa (who I think is still in the country) and the two have around 5 other relatives members in the parliament? 
And in 2019 this guy got 6,924,255 votes and in 2020 their party got 6,853,690 and 59.09% of the votes?

And!!!! already the next best hope for the country is...his son?
https://www.aljazeera.com/economy/2022/7/12/amid-sri-lanka-chaos-a-young-rajapaksa-plans-comeback

Sorry, but this is just worse than the shittiest novel you can buy for 5 cents, seriously, how can somebody think things will turn for the better, the country was corrupt for decades, things were falling apart even before that yet still at least 1/3 of the entire population voted for them.
I wouldn't be surprised at all if the fleeing one doesn't come back to the country in a few years and it doesn't manage to get elected something again.

Of and the new acting president is the one that leased the port for 99 years to China to pay the debt they've incurred by taking loans from them? 
Genius!

[TimeTeller]

So unfortunately for the ones cheering and taking a swim in the pool the real cold shower is going to come, when you get sick the operation itself is not painful, the recovery is, and if not done correctly you're going to end at the hospital again.

Temporary pleasure when they vent all the anger, and after that have no solution to get out of the crisis they are experiencing. It is unfortunate that Sri Lanka is currently facing very difficult times. Never found it anywhere waiting for fuel up to 2 days more. Power outages, skyrocketing goods prices and other facilities completely dead, Sri Lanka is not really in a good state. Even though there has been an interim government appointed, it does not mean that it can be easily restored. If the people's demands against the appointed government fail, then a second volume of riots will occur.

In this situation, the people themselves should think of how they can survive in this crisis.
Don't wait for the government's help as they will die from hunger.
As you said, venting their anger is only a temporary pleasure.
But their everyday food, and other living expenses, they should find a way how to get that.
Plant vegetables if you have a small garden, just an example.

[naira]

I was curios about what the new government would be and what the last one was...
So let me get this right
The president that fled was Gotabaya Rajapaksa who is the brother of the prime minister Mahinda Rajapaksa (who I think is still in the country) and the two have around 5 other relatives members in the parliament? 
And in 2019 this guy got 6,924,255 votes and in 2020 their party got 6,853,690 and 59.09% of the votes?

And!!!! already the next best hope for the country is...his son?
https://www.aljazeera.com/economy/2022/7/12/amid-sri-lanka-chaos-a-young-rajapaksa-plans-comeback

Lol 
Well, that would be a condition that wouldn't be much different from before. The Sri Lankan people should change the rules and make the electoral system back and not involve descendants or relatives of the failed president.

Do you agree that the concept of hereditary governance is a concept that has led to failure in Sri Lanka? because I see that many leadership thrones that fall to their descendants do not necessarily bring a better situation. This kind of era should no longer happen.

[Text]

~snip
Do you agree that the concept of hereditary governance is a concept that has led to failure in Sri Lanka? because I see that many leadership thrones that fall to their descendants do not necessarily bring a better situation. This kind of era should no longer happen.

I am not in favor of the so-called political dynasty. It is as if they are just doing business to enter politics or government. Those who are worthy to lead should be given more opportunities. Agree that the failed family may also fail when it takes over.

Many are already thirsty for good governance but those currently in power are still trying to deny it. The country's economic development will not be achieved if it falls to the greedy. The leader must be well-governed and free from corruption.

[xSkylarx]

What do you think about the economic crisis in Sri Lanka?

It's my first time to see in that a country loses its president and I'm now curious how their country will recover from it. Plus what will happen to him since he already escaped to other countries. Will he be wanted because of what he did on his country. Since no one leads Sri Lanka and no future plans from their government, conflicts will definitely arise soon once they run out of necessities like food.

[Sterbens]

~snip
Do you agree that the concept of hereditary governance is a concept that has led to failure in Sri Lanka? because I see that many leadership thrones that fall to their descendants do not necessarily bring a better situation. This kind of era should no longer happen.

I am not in favor of the so-called political dynasty. It is as if they are just doing business to enter politics or government. Those who are worthy to lead should be given more opportunities. Agree that the failed family may also fail when it takes over.

Many are already thirsty for good governance but those currently in power are still trying to deny it. The country's economic development will not be achieved if it falls to the greedy. The leader must be well-governed and free from corruption.

It depends on the government itself, but currently making democratically elected leaders by the people do not fully handle the economy as a whole. We just need to return to the goals we want to achieve and to leaders who truly understand the condition of their people. Not even narrowing the people's freedom to stand on their own feet.

If you look at the events experienced by Sri Lanka, many things that turn out to be hereditary power do not really fall in the right hands. What if Sri Lanka adopts Bitcoin, because inflation is so high and bloated the solution is to use alternative payments outside of policies related to centralized institutions.

[wxa7115]

~snip
Do you agree that the concept of hereditary governance is a concept that has led to failure in Sri Lanka? because I see that many leadership thrones that fall to their descendants do not necessarily bring a better situation. This kind of era should no longer happen.

I am not in favor of the so-called political dynasty. It is as if they are just doing business to enter politics or government. Those who are worthy to lead should be given more opportunities. Agree that the failed family may also fail when it takes over.

Many are already thirsty for good governance but those currently in power are still trying to deny it. The country's economic development will not be achieved if it falls to the greedy. The leader must be well-governed and free from corruption.

One of the problems with that system is that you can go from a great leader to one that is terrible, now things will not be so bad if such leader accepted the advice from his experts in order to lead the nation, but unfortunately this is not the case.

It is because of this that in theory democracy is a better system as it allows the leader of the government to be replaced often so they do not have as much time to damage the country with their policies, however it also limits the time of those which are really looking after the citizens of the country and they have a time that is too short to make a difference.

[stompix]

~

Do you agree that the concept of hereditary governance is a concept that has led to failure in Sri Lanka? because I see that many leadership thrones that fall to their descendants do not necessarily bring a better situation. This kind of era should no longer happen.

It depends on what kind of governance we're talking about.
The one where the brothers are changing roles from president to prime minister and letting their "brilliant" sons in place while they flee the country is rotten to the core.
On the other hand, I find a case for monarchies, at least in Europe where they have limited to zero power they are filling the position of the president, so there is no need for a useless election, if a party has 60% they will get both president and parliament and prime minister so the separation of power is a joke.

But strictly to the matters at hand, there shouldn't be any hereditary kind of governance anywhere, there are cases where the son of a politician was far better than his father, and actually helped the country a lot but that still doesn't matter he was the best choice.

What if Sri Lanka adopts Bitcoin, because inflation is so high and bloated the solution is to use alternative payments outside of policies related to centralized institutions.

If Sri Lanka adopts gold, dollars, diamonds, bitcoin, dogecoin, it will be the same.

For you to adopt something you first need that currency, which you can't buy because you're bankrupt, so you have to print more useless money to buy a foreign asset with a price in $ all the while driving inflation up and rendering your currency worthless, by the time you manage to get enough hard currency ($,BTC, gold) in the country you're as poor as the definition of poverty allows.

One should look at the Weimar Republic for this, the country had to pay a debt in $, they needed $ but they didn't have any so they had to print money to get $, what happened, is in the history books. Sri Lanka or any other country on the verge of collapse will follow the same path if it tries this move.

[0verseer]

~snip
Do you agree that the concept of hereditary governance is a concept that has led to failure in Sri Lanka? because I see that many leadership thrones that fall to their descendants do not necessarily bring a better situation. This kind of era should no longer happen.

I am not in favor of the so-called political dynasty. It is as if they are just doing business to enter politics or government. Those who are worthy to lead should be given more opportunities. Agree that the failed family may also fail when it takes over.

Many are already thirsty for good governance but those currently in power are still trying to deny it. The country's economic development will not be achieved if it falls to the greedy. The leader must be well-governed and free from corruption.

One of the problems with that system is that you can go from a great leader to one that is terrible, now things will not be so bad if such leader accepted the advice from his experts in order to lead the nation, but unfortunately this is not the case.

It is because of this that in theory democracy is a better system as it allows the leader of the government to be replaced often so they do not have as much time to damage the country with their policies, however it also limits the time of those which are really looking after the citizens of the country and they have a time that is too short to make a difference.

To be honest, every form of government has its flaws and depends greatly on the country's situation and background. There is no one form of government to trump and work perfectly, one fit for all.
The authoritarian form of government works well for some country that was so rowdy and fractured. Dynasty style, passing power from father to son works to keep the policy that requires years of implementation can't be overturned when the mandate change. For example, Singapore meets both of the above and is prosperous today thanks to it.

[coupable]

Temporary pleasure when they vent all the anger, and after that have no solution to get out of the crisis they are experiencing. It is unfortunate that Sri Lanka is currently facing very difficult times. Never found it anywhere waiting for fuel up to 2 days more. Power outages, skyrocketing goods prices and other facilities completely dead, Sri Lanka is not really in a good state. Even though there has been an interim government appointed, it does not mean that it can be easily restored. If the people's demands against the appointed government fail, then a second volume of riots will occur.

And do you really think that this can be achieved by just revolutionizing the regime?
Establishing social stability after every revolution is a very difficult step and may make matters worse. I live in Tunisia and I experienced an example of the revolution in 2011, when the people revolted against the regime, the president fled, and many of his close associates were prosecuted. Despite that, we have been in an economic crisis since that time and we live at the mercy of the corrupt political religion. Almost everything got worst instead of getting better .

[Wong Gendheng]

News about Sri Lanka which is very bad makes us have to move, the crypto community must play a role in order to show the world that cryptocurrencies are very useful, the simple thing we have to do is make a special thread to receive donations and we must be able to make sure the donations are sent to the people in the Sri Lanka.

[batang_bitcoin]

There's the interim president now proclaimed, Ranil Wickremesinghe. I've read it on this article in particular about the formal resignation of its former President who flew and now in Singapore.
Article: Sri Lanka MPs to elect new president after Gotabaya Rajapaksa officially resigns
I do not know much of politics in Sri Lanka but what does the citizens there think of it?

[Kakmakr]

The thing is this.....

Political instability are even worst than corrupt governments, because this triggers a power struggle in government and possibly civil war. Yes, they can over throw their government, but they will have to rid their previous government from all rotten apples.... and then replace them with good politicians and civil servants.  

Let's hope Sri Lanka will not follow the same path as other 3rd world countries like Zimbabwe, where they removed the Robert Mugabe government and replaced them with more corrupt politicians and civil servants.  

[inthelongrun]

The thing is this.....

Political instability are even worst than corrupt governments, because this triggers a power struggle in government and possibly civil war. Yes, they can over throw their government, but they will have to rid their previous government from all rotten apples.... and then replace them with good politicians and civil servants.  

Let's hope Sri Lanka will not follow the same path as other 3rd world countries like Zimbabwe, where they removed the Robert Mugabe government and replaced them with more corrupt politicians and civil servants.  

This is common too. Someone removed a bad and corrupt leader or a dynasty but will end up establishing its own dynasty. A promising politician might become corrupt once positioned at the top. Earlier, the Rajapaksas were Sri Lanka's heroes. They played a huge role in ending its country's decades of civil war against the Tamil Tigers. The elder Rajapaksa also developed Sri Lanka's economy during its early reign. And all of a sudden, things went spiraling down fast. Probably due to many incompetent government officials especially in departments that played a huge role in its economy. It is known that nepotism was rampant within the Rajapaksa family.

[btc_angela]

The thing is this.....

Political instability are even worst than corrupt governments, because this triggers a power struggle in government and possibly civil war. Yes, they can over throw their government, but they will have to rid their previous government from all rotten apples.... and then replace them with good politicians and civil servants.  

Let's hope Sri Lanka will not follow the same path as other 3rd world countries like Zimbabwe, where they removed the Robert Mugabe government and replaced them with more corrupt politicians and civil servants.  

And that is the scary though, and if that happens then what will happen to Sri Lanka? They already struggled in the last 10 years or so with that corrupt government, and based on history, really hard for certain government to recover and if the next government will be as corrupt as the previous one, then it's spiral, not just in Zimbabwe, but even in Middle East and some Asian government as well.

[Saisher]

The thing is this.....

Political instability are even worst than corrupt governments, because this triggers a power struggle in government and possibly civil war. Yes, they can over throw their government, but they will have to rid their previous government from all rotten apples.... and then replace them with good politicians and civil servants.  

Let's hope Sri Lanka will not follow the same path as other 3rd world countries like Zimbabwe, where they removed the Robert Mugabe government and replaced them with more corrupt politicians and civil servants.  

They must have an election and elect the right people they have a fresh start by ousting a corrupt government hopefully they will follow Philippine's people power instead of country like Zimbabwe, they should negotiate to World Bank and to all their debtors to get a new start in their debt, they need all the support they need, this is a bad experience for a country where the world is in
crisis, because of the pandemic and the war between Russia and Ukraine.

[Taskford]

The thing is this.....

Political instability are even worst than corrupt governments, because this triggers a power struggle in government and possibly civil war. Yes, they can over throw their government, but they will have to rid their previous government from all rotten apples.... and then replace them with good politicians and civil servants.  

Let's hope Sri Lanka will not follow the same path as other 3rd world countries like Zimbabwe, where they removed the Robert Mugabe government and replaced them with more corrupt politicians and civil servants.  

They must have an election and elect the right people they have a fresh start by ousting a corrupt government hopefully they will follow Philippine's people power instead of country like Zimbabwe, they should negotiate to World Bank and to all their debtors to get a new start in their debt, they need all the support they need, this is a bad experience for a country where the world is in
crisis, because of the pandemic and the war between Russia and Ukraine.

It will take a long time for Sri Lanka to get up on the mess they are currently on because for sure the upcoming officials will doubt to handle this country because they don't have enough money to rebuild their country. Also the expectation of people will became more higher so for sure all eyes are watching on them so simple mistake could trigger the same scenario what they are currently in. Lets just hope everything will be in good shape on that country in future because its really hard to be on that situation especially for their citizens.

[Text]

~snip
If you look at the events experienced by Sri Lanka, many things that turn out to be hereditary power do not really fall in the right hands. What if Sri Lanka adopts Bitcoin, because inflation is so high and bloated the solution is to use alternative payments outside of policies related to centralized institutions.

That's right, the next leader should really understand the current state of the economy. The one who really has a solution, not just a plan but an action. I just don't agree with what you said they should accept Bitcoin, I think, they are not ready yet, it's not that easy. They can first rebuild the failed government and their economy with the help of other rich countries that are willing to lend.

[Wind_FURY]

It's good to see that Sri Lankan people are brave enough to kick out their corrupt government, because in a lot of countries this is no the case, and the government would rather kill the protestors to stay in power. I hope the new government will make sure that the necessary reforms will happen, although such reforms could take many years until their effects would be felt, so sadly there's still years of economic struggle ahead.

It wasn't "bravery", it was necessity. Because if they were truly brave, they would already have moved together before before the economic crisis happened. We have always known that the government lies to us, they steal from us, and they manipulate us. But have people in general been "brave"? NO. If we can't be "brave", we can HODL Bitcoin as an anonymous way of "revolt".

[Jody.Drummer]

The thing is this.....

Political instability are even worst than corrupt governments, because this triggers a power struggle in government and possibly civil war. Yes, they can over throw their government, but they will have to rid their previous government from all rotten apples.... and then replace them with good politicians and civil servants.  

Let's hope Sri Lanka will not follow the same path as other 3rd world countries like Zimbabwe, where they removed the Robert Mugabe government and replaced them with more corrupt politicians and civil servants.  

The point is to carry out a clean-up operation from the government which is indicated to be related to the case of the old government. Sri Lanka must reform the old people's system with new people who really care about the people.

Building a country's economy requires a long process. Must accept foreign country assistance with some agreements. One of them is an indication that China was the first to offer this, including India. But until now, information about the stability of the situation in Sri Lanka is even worse.

[virasisog]

The thing is this.....

Political instability are even worst than corrupt governments, because this triggers a power struggle in government and possibly civil war. Yes, they can over throw their government, but they will have to rid their previous government from all rotten apples.... and then replace them with good politicians and civil servants.  

Let's hope Sri Lanka will not follow the same path as other 3rd world countries like Zimbabwe, where they removed the Robert Mugabe government and replaced them with more corrupt politicians and civil servants.  

They must have an election and elect the right people they have a fresh start by ousting a corrupt government hopefully they will follow Philippine's people power instead of country like Zimbabwe, they should negotiate to World Bank and to all their debtors to get a new start in their debt, they need all the support they need, this is a bad experience for a country where the world is in
crisis, because of the pandemic and the war between Russia and Ukraine.

People power has been too powerful but quite a peaceful way of fighting for the democracy of the said country. I guess the people of Sri Lanka should also stand up and fight for their rights but in a decent manner because if they will be too aggressive, it will only cause more trouble, or should I say a bloody protest.
The main cause of all these crises is their corrupt government officials which are just taking their position as an opportunity to get richer while their people are suffering. They should do something to replace their officials.

[arallmuus]

They must have an election and elect the right people they have a fresh start by ousting a corrupt government hopefully they will follow Philippine's people power instead of country like Zimbabwe

There is no point to select a random representative among themselves therefore its pretty much the same as selecting of of those many corrupted politician as Im sure that not only those at top actually conduct all of that corruption but basically most people that works in the govermental position

they should negotiate to World Bank and to all their debtors to get a new start in their debt

To actually do this they need to select a representative for that and even if they do find someone that is good enough to negotiate and stuff, their economy will be getting from worse to bad at most so its going to take years to fix everything back in place which is not really possible because I dont think they can reduce the corruption rate to 0% or close to that

[darewaller]

Political instability are even worst than corrupt governments, because this triggers a power struggle in government and possibly civil war. Yes, they can over throw their government, but they will have to rid their previous government from all rotten apples.... and then replace them with good politicians and civil servants.  

Let's hope Sri Lanka will not follow the same path as other 3rd world countries like Zimbabwe, where they removed the Robert Mugabe government and replaced them with more corrupt politicians and civil servants.  

The scariest thing is, people who have a bit of power, who take advantage of the situation of the civil war and use their power to become the new government end up being sometimes even worse, or not being as good. Look at the current situation after the Arab spring period, there are many places that makes the situation even worse than how it used to be.

I am not saying that the previous ones were good, they could be terrible as well but we are talking about being still bad, instead of getting better. We have seen plenty of times when people revolted against a dictator and then suddenly they were at the hands of someone who was worse than the dictator they had. Very weird situation, because everyone would prefer to get rid of dictators right? But, if you do that, and then get worse, does that mean dictator was a good thing? Of course not, but this is worse, so what now? Confusing indeed.

[DrBeer]

The last time I was in Sri Lanka was in April 2009. Vacationing in Bentota. I was on an excursion to Colombo, and just at that time there was a military operation going on there, as I understand it, they were destroying some remnants of the separatists from the Liberation Tigers of Tamil Eelam. To be honest, it was unpleasant to watch when in a beautiful city there was a huge number of armed soldiers, and it was clear that they were tense and very serious about what was happening. In a word, the tour turned out so-so, but as I found out upon arrival home, the Sri Lankans still finished off the remnants of the separatists.
On this and other excursions we had a guide, a young, developed man. I asked a question about what was happening, and heard both interesting facts about the country and a sad story about corruption that has been eating Sri Lanka for decades. As I understand it, corruption in Sri Lanka is systemic in nature, deeply affected all segments of life, the economy, education, the judiciary and law enforcement agencies, and what is very bad - all the authorities in one way or another. As a rule, in countries with unstable, transitional or developing economies (which was also present in my country), such corruption leads to a total embezzlement of budget funds, and in fact leads to the death of the economy. I am not ready to judge the strength of the Sri Lankan economy, but it seems that corruption has played a bad game in the end towards the country and its people. I am not ready to express an opinion that corruption is to blame, but I am sure that corruption is one of the key factors in what happened in the country. If I'm wrong - correct me!

But I still remember the fact that I was told, and which surprised me - that Sri Lanka ranked 1st in South Asia in terms of GDP per capita ($4,300 as of 2008). Everything seemed to be fine...

I really liked Sri Lanka for its nature, originality, ancient culture and heritage...

[jrrsparkles]

Political instability are even worst than corrupt governments, because this triggers a power struggle in government and possibly civil war. Yes, they can over throw their government, but they will have to rid their previous government from all rotten apples.... and then replace them with good politicians and civil servants.  

Let's hope Sri Lanka will not follow the same path as other 3rd world countries like Zimbabwe, where they removed the Robert Mugabe government and replaced them with more corrupt politicians and civil servants.  

The scariest thing is, people who have a bit of power, who take advantage of the situation of the civil war and use their power to become the new government end up being sometimes even worse, or not being as good. Look at the current situation after the Arab spring period, there are many places that makes the situation even worse than how it used to be.

I am not saying that the previous ones were good, they could be terrible as well but we are talking about being still bad, instead of getting better. We have seen plenty of times when people revolted against a dictator and then suddenly they were at the hands of someone who was worse than the dictator they had. Very weird situation, because everyone would prefer to get rid of dictators right? But, if you do that, and then get worse, does that mean dictator was a good thing? Of course not, but this is worse, so what now? Confusing indeed.

Giving all the power to one person will leads to chaos for sure no matter how good the person is that is why the government with different levels of moderation is in practice at the moment. Currently people are against the ruling party because of corruption is going way beyond limits but again it is going to be in the hands of opposition party if I am not wrong but now they know what people capable of doing, if they can throw out the dictator like ruling people at first the one who replace will try to give best for sure.

[Slow death]

When I watched on the news the video of people from this country climbing into the president's bed I said to myself: "this country must be very deep in debt and poverty" because you hardly see a great revolt of the population like the one I saw, what it hurts more about all this and that the president of the country is rich and can continue with his good life while the poor people of this country will remain poor for a long time because even if they put a government of honest people it will take years to recover the economy of this country

[n0ne]

When I watched on the news the video of people from this country climbing into the president's bed I said to myself: "this country must be very deep in debt and poverty" because you hardly see a great revolt of the population like the one I saw, what it hurts more about all this and that the president of the country is rich and can continue with his good life while the poor people of this country will remain poor for a long time because even if they put a government of honest people it will take years to recover the economy of this country

It is true, the wrong economic policies have made the country struggle hard. Forever the poor will stay poor. The president and his family was enjoying a well sophisticated life. Sri Lanka is not the only country suffering this. Right now things went beyond the limit, and the same have made people burst. More countries are on the list, soon one by one can explode.

After Sri Lanka and Russia, more countries at risk of default with debt crisis looming large

[BuNga_cute]

When I watched on the news the video of people from this country climbing into the president's bed I said to myself: "this country must be very deep in debt and poverty" because you hardly see a great revolt of the population like the one I saw, what it hurts more about all this and that the president of the country is rich and can continue with his good life while the poor people of this country will remain poor for a long time because even if they put a government of honest people it will take years to recover the economy of this country

2022 is not an easy year for all of us, apart from Ukraine which has been devastated by war this year, it looks like Sri Lanka is also in ruins after
the severe economic crisis. Just imagine inflation reaching 25% and power outages for 13 hours per day. Because Sri Lanka is already experiencing
a very severe economic crisis, and the people have lost confidence in the government, no wonder in Sri Lanka riots broke out and made
25 Sri Lanka cabinet ministers resign from their positions. What happened in Sri Lanka was really terrible, it shows how wrong economic policy
by the government can have dire consequences for economic conditions in Sri Lanka. Hopefully what happened to Sri Lanka can teach other countries
a lesson, that choosing a state leader in leading the country is very important, because incompetent state leaders will certainly make the wrong
economic policies.

[jaberwock]

Giving all the power to one person will leads to chaos for sure no matter how good the person is that is why the government with different levels of moderation is in practice at the moment. Currently people are against the ruling party because of corruption is going way beyond limits but again it is going to be in the hands of opposition party if I am not wrong but now they know what people capable of doing, if they can throw out the dictator like ruling people at first the one who replace will try to give best for sure.

That can only happen if the person handling the position does not know what they are doing and also if they are corrupt. This was the current system that we are using right now and we have been doing this for decades. They didn't changed it because they are also confident to the person that will sit on the position.

If ever the person turns out to be bad on handling his duties, we shouldn't worry because they can still be replaced by another person after some time or after their term expires. I feel sorry for the Sri Lankans right now that they are in a difficult times like this but people shouldn't give up because there's still a chance for them to recover.

[blockman]

It is true, the wrong economic policies have made the country struggle hard. Forever the poor will stay poor. The president and his family was enjoying a well sophisticated life. Sri Lanka is not the only country suffering this. Right now things went beyond the limit, and the same have made people burst. More countries are on the list, soon one by one can explode.

After Sri Lanka and Russia, more countries at risk of default with debt crisis looming large

They flew to Singapore and they can no longer go back to Sri Lanka because the people are too angry at them and they successfully ousted the presidency together with his family.
Due to the covid, war, and more debts that they've taken, they're able to experience this economic problem. I know that it will take time for them to recover or not anymore. I wonder how the new regime will be able to survive on this and at least reduce the inflation rate that their country is experiencing.

[romero121]

Sri Lanka have been suffering economic crises for a long. People were protesting against the government for a long, but government didn't hear the voices of the citizens. The government should've taken active measures, but the government kept receiving more aid from neighbouring countries as well as more debts. Atleast this could've been used in the right way. This is were people lost their temper and marched towards the capital. It'll take years for them to get out of the economic crises.

[sovie]

Sri Lanka have been suffering economic crises for a long. People were protesting against the government for a long, but government didn't hear the voices of the citizens. The government should've taken active measures, but the government kept receiving more aid from neighbouring countries as well as more debts. Atleast this could've been used in the right way. This is were people lost their temper and marched towards the capital. It'll take years for them to get out of the economic crises.

Sri Lankan people have show the government the doors.
it take courage to do such thing - but they did it. The people of Sri Lanka believes that the corrupt government should go now and they did what majority though was right

[South Park]

Sri Lanka have been suffering economic crises for a long. People were protesting against the government for a long, but government didn't hear the voices of the citizens. The government should've taken active measures, but the government kept receiving more aid from neighbouring countries as well as more debts. Atleast this could've been used in the right way. This is were people lost their temper and marched towards the capital. It'll take years for them to get out of the economic crises.

And that is the best case scenario, I say this because in the case the new leader of the country was a good one that had the best interests of the public in mind then he may try to take measures that benefit the people over the government, but people like that are quite uncommon, it is more likely that yet another selfish leader is elected and eventually this person leads the country to another crisis making the problem much worse than what the citizens of Sri Lanka have to face now.

[Zlantann]

Selfish leaders that live the life of luxury and don't care if people die of sickness and hunger. The Acting President, Ranil Wickremesinghe just confirmed that that the former government was covering up the financial mess of the country. The government would always lie to the people about everything in a bid to cover-up their looting and corrupt practices. The challenge now is how would this country get a selfless leader to bring it out of this economic woe. Sometimes such revolution even bring more economic hardship, the Arab Spring is a key example. My expectation is that the gallantry of these protesters would not be in vain, rather it would be the foundation for a more economic prosperous Sri Lanka.           

[Minecache]

Sri Lanka, from a rice exporting country to a country without enough food to live on, just because of the stupid policies of a corrupt and selfish government. I hope the nations of the world and the IMF will support Sri Lanka through this terrible period.

The Sri Lankan government is said to be negotiating with the largest creditor, China, for a support package of 4 billion in the hope that everything will go smoothly and the people of Sri Lanka will overcome this crisis.

[blockman]

Sri Lanka, from a rice exporting country to a country without enough food to live on, just because of the stupid policies of a corrupt and selfish government. I hope the nations of the world and the IMF will support Sri Lanka through this terrible period.

I guess that will be a good start if they get some help through these international organizations that would have them get up from the devastation their country got from the past administration. But IIRC, they still got a debt to the IMF.

The Sri Lankan government is said to be negotiating with the largest creditor, China, for a support package of 4 billion in the hope that everything will go smoothly and the people of Sri Lanka will overcome this crisis.

AFAIK, they're still indebted to them and have to pay their current loan. But as per the news that I've read, "somehow" China would still help them.

[amishmanish]

Srilanka is stuck in a debt trap. Its corrupt politicians sold srilanka to china. The took large loans for development projects, which never really fructified to completion leaving them badly debt ridden. It holds a great lesson for many, never try to grow rich with debt. Their tourism industry was hit by covid, their tea estates were destroyed by too quick transition to organic practices..  They need serious international help..I sympathize with lankans.

[Sithara007]

Srilanka is stuck in a debt trap. Its corrupt politicians sold srilanka to china. The took large loans for development projects, which never really fructified to completion leaving them badly debt ridden. It holds a great lesson for many, never try to grow rich with debt. Their tourism industry was hit by covid, their tea estates were destroyed by too quick transition to organic practices..  They need serious international help..I sympathize with lankans.

Transition to organic policies all of a sudden was the biggest blow to the economy. Obviously the media don't want to talk about that part, because it doesn't suit their narrative. From a net exporter of food, Sri Lanka became a net importer due to this stupid policy. And the same mistake is being repeated all around the world. Even in my country, some of the states want to go 100% organic. Fortunately, the greens are not very powerful here and the thermal and nuclear power stations are still generating electricity.

[btc_angela]

Srilanka is stuck in a debt trap. Its corrupt politicians sold srilanka to china. The took large loans for development projects, which never really fructified to completion leaving them badly debt ridden. It holds a great lesson for many, never try to grow rich with debt. Their tourism industry was hit by covid, their tea estates were destroyed by too quick transition to organic practices..  They need serious international help..I sympathize with lankans.

That's just the sad state of Sri Lanka and it's very difficult specially at this time to bounce back even if they have a new government, whether interim or they will go on the right process to elect a new one.

Yes, we, sympathized with them, we don't what that to happen to our country and to our government specially that I also lived in a neighboring countries. It's really the fault of the their governance that really bring the country on the collapsed.

[ultrloa]

Srilanka is stuck in a debt trap. Its corrupt politicians sold srilanka to china. The took large loans for development projects, which never really fructified to completion leaving them badly debt ridden. It holds a great lesson for many, never try to grow rich with debt. Their tourism industry was hit by covid, their tea estates were destroyed by too quick transition to organic practices..  They need serious international help..I sympathize with lankans.

That's just the sad state of Sri Lanka and it's very difficult specially at this time to bounce back even if they have a new government, whether interim or they will go on the right process to elect a new one.

Yes, we, sympathized with them, we don't what that to happen to our country and to our government specially that I also lived in a neighboring countries. It's really the fault of the their governance that really bring the country on the collapsed.

Provably recovery for this country will take a long time but at least they are now taking action talking with IMF to discuss their loans, Maybe there are first country will help them in future once they put a right person to govern that country. But for now for sure their citizens will suffer from major inflation happening in their country and this should be look as reminder to other country leader to take extra precaution on their actions made especially on economical actions they do.

[naira]

Provably recovery for this country will take a long time but at least they are now taking action talking with IMF to discuss their loans, Maybe there are first country will help them in future once they put a right person to govern that country. But for now for sure their citizens will suffer from major inflation happening in their country and this should be look as reminder to other country leader to take extra precaution on their actions made especially on economical actions they do.

The core port of Sri Lanka has actually fallen into the hands of China due to debts they cannot pay. Here Sri Lanka is applying for a loan to the IMF with what guarantee? nothing wrong but it will go back to the decision of the court if Sri Lanka has a new president automatically the president-elect must be prepared to bear a much heavier burden than before. How can the economic improvement still fail and just give birth to a boomerang? The Sri Lankan people are afraid of the crisis, and are rushing the Presidential election, pressing to fix everything from scratch.

We know what the end will be like?

[Pujangga]

The world is moving to help sri lanka soon, if it is too late there will be many deaths due to hunger, this is a big problem that sri lanka cannot solve alone, forget about debt and for humanitarian reasons it is worth our help.

[Japinat]

Srilanka is stuck in a debt trap. Its corrupt politicians sold srilanka to china. The took large loans for development projects, which never really fructified to completion leaving them badly debt ridden. It holds a great lesson for many, never try to grow rich with debt. Their tourism industry was hit by covid, their tea estates were destroyed by too quick transition to organic practices..  They need serious international help..I sympathize with lankans.

That's just the sad state of Sri Lanka and it's very difficult specially at this time to bounce back even if they have a new government, whether interim or they will go on the right process to elect a new one.

Yes, we, sympathized with them, we don't what that to happen to our country and to our government specially that I also lived in a neighboring countries. It's really the fault of the their governance that really bring the country on the collapsed.

It was really unfortunate that the people of Sri Lanka had to go through these hard time and surely nobody living in this planet would want the same situation. I understand that they are so pissed in their government and totally resent the officials that's why they protested for over 3 months and fortunately the President resigned but the people was not fortunate enough because they had to go through the result of President's wrong choices as of this moment.
There is always a chance that Sri Lanka could rise again but that needs time, several years minimum.

[DrBeer]

Provably recovery for this country will take a long time but at least they are now taking action talking with IMF to discuss their loans, Maybe there are first country will help them in future once they put a right person to govern that country. But for now for sure their citizens will suffer from major inflation happening in their country and this should be look as reminder to other country leader to take extra precaution on their actions made especially on economical actions they do.

The core port of Sri Lanka has actually fallen into the hands of China due to debts they cannot pay. Here Sri Lanka is applying for a loan to the IMF with what guarantee? nothing wrong but it will go back to the decision of the court if Sri Lanka has a new president automatically the president-elect must be prepared to bear a much heavier burden than before. How can the economic improvement still fail and just give birth to a boomerang? The Sri Lankan people are afraid of the crisis, and are rushing the Presidential election, pressing to fix everything from scratch.

We know what the end will be like?

It turns out that China, not so good, is doing such evil, worse than the IMF? Or simply someone could not effectively dispose of credit funds?
Tell me, does the population of Sri Lanka have understanding and information, for what purposes were Chinese loans spent by the Sri Lankan government?
Did these funds go to the development of the economy or its sectors, or were they "leaked" into pensions and salaries and pockets of corrupt officials?

[Smack That Ace]

Srilanka is stuck in a debt trap. Its corrupt politicians sold srilanka to china. The took large loans for development projects, which never really fructified to completion leaving them badly debt ridden. It holds a great lesson for many, never try to grow rich with debt. Their tourism industry was hit by covid, their tea estates were destroyed by too quick transition to organic practices..  They need serious international help..I sympathize with lankans.

That's just the sad state of Sri Lanka and it's very difficult specially at this time to bounce back even if they have a new government, whether interim or they will go on the right process to elect a new one.

Yes, we, sympathized with them, we don't what that to happen to our country and to our government specially that I also lived in a neighboring countries. It's really the fault of the their governance that really bring the country on the collapsed.

Provably recovery for this country will take a long time but at least they are now taking action talking with IMF to discuss their loans, Maybe there are first country will help them in future once they put a right person to govern that country. But for now for sure their citizens will suffer from major inflation happening in their country and this should be look as reminder to other country leader to take extra precaution on their actions made especially on economical actions they do.

Sri Lankans currently experience inflation of nearly 60%, which is horrendous. A government with no political experience and too stupid to borrow from China and fall into their debt trap. The national budget no longer has foreign currency to import food, petrol and fertilizer. I think the people are suffering a lot because they don't have enough materials and food to live. The new government is negotiating with China and the IMF, hoping they will soon receive help and the new government will rebuild the country.

[DrBeer]

Srilanka is stuck in a debt trap. Its corrupt politicians sold srilanka to china. The took large loans for development projects, which never really fructified to completion leaving them badly debt ridden. It holds a great lesson for many, never try to grow rich with debt. Their tourism industry was hit by covid, their tea estates were destroyed by too quick transition to organic practices..  They need serious international help..I sympathize with lankans.

That's just the sad state of Sri Lanka and it's very difficult specially at this time to bounce back even if they have a new government, whether interim or they will go on the right process to elect a new one.

Yes, we, sympathized with them, we don't what that to happen to our country and to our government specially that I also lived in a neighboring countries. It's really the fault of the their governance that really bring the country on the collapsed.

Provably recovery for this country will take a long time but at least they are now taking action talking with IMF to discuss their loans, Maybe there are first country will help them in future once they put a right person to govern that country. But for now for sure their citizens will suffer from major inflation happening in their country and this should be look as reminder to other country leader to take extra precaution on their actions made especially on economical actions they do.

Sri Lankans currently experience inflation of nearly 60%, which is horrendous. A government with no political experience and too stupid to borrow from China and fall into their debt trap. The national budget no longer has foreign currency to import food, petrol and fertilizer. I think the people are suffering a lot because they don't have enough materials and food to live. The new government is negotiating with China and the IMF, hoping they will soon receive help and the new government will rebuild the country.

For some reason, I have a strong assumption that the problem of Sri Lanka, similar to what we have in Ukraine, took place from 2010 to 2014. The corrupt and thieving government of Yanukovych took money from Russia to create the appearance of "stability". Social payments were paid for this money, the exchange rate was artificially maintained, and most of the credit funds flowed into the pockets of Yanukovych's entourage. As a result, at the end of 2013, there was almost no money left in the budget ... In Sri Lanka, the president turned out to be more agile and smarter than our Yanukovych, he fled himself, did not wait for the people to endure him ...

[Bttzed03]

I got more curious about the debt trap and decided to check their external debts per lender.



I wonder why a lot of people are pinning this debt trap to China only when their lending only amounts to 10% of Sri Lanka's Foreign debt? Other sources claim that the figure is up to 26% if you add the amounts owed to Chinese banks. Regardless, this 'China debt trap' sounds more like a propaganda to hide the economic mismanagement of Sri Lankan leaders and paint China as evil (again).

[ultrloa]

Provably recovery for this country will take a long time but at least they are now taking action talking with IMF to discuss their loans, Maybe there are first country will help them in future once they put a right person to govern that country. But for now for sure their citizens will suffer from major inflation happening in their country and this should be look as reminder to other country leader to take extra precaution on their actions made especially on economical actions they do.

The core port of Sri Lanka has actually fallen into the hands of China due to debts they cannot pay. Here Sri Lanka is applying for a loan to the IMF with what guarantee? nothing wrong but it will go back to the decision of the court if Sri Lanka has a new president automatically the president-elect must be prepared to bear a much heavier burden than before. How can the economic improvement still fail and just give birth to a boomerang? The Sri Lankan people are afraid of the crisis, and are rushing the Presidential election, pressing to fix everything from scratch.

We know what the end will be like?

They are not taking any loan again on any country including IMF since no one will surely let them borrow money again because they know that they cannot pay and Sri Lanka still in huge trouble. What I mean there is Sri Lanka government is talking about their existing loan and settle this maybe they want to freeze the interest so that they will not drown on huge debt. Their new government will surely get a huge problem because the expectation will be so high on them.

[DrBeer]

I got more curious about the debt trap and decided to check their external debts per lender.



I wonder why a lot of people are pinning this debt trap to China only when their lending only amounts to 10% of Sri Lanka's Foreign debt? Other sources claim that the figure is up to 26% if you add the amounts owed to Chinese banks. Regardless, this 'China debt trap' sounds more like a propaganda to hide the economic mismanagement of Sri Lankan leaders and paint China as evil (again).

You gave a great example of what information is worth checking! And what is surprising - as soon as you check it - the reality becomes completely different! Very many and very often, instead of admitting the reality, and sometimes their guilt, they begin to look for the guilty ones. People tend to "throw" their problems, which they themselves have created, onto others. This makes it easier to bear your shortcomings. And what about the rulers, especially corrupt or thieving!?
In a word, thanks - another myth ("China is to blame for everything") has been debunked! 

[rahmad2nd]

From this incident, a corrupt government that only cares about personal interests on the basis of ambition will lead to destruction. An unbalanced economic system and uncertainty about campaign promises are the main weapons.

What do you think about the economic crisis in Sri Lanka?

sri lanka is currently in a very difficult situation, a severe economic crisis has destroyed the lives of people in the area, is it true that the main cause is the accumulated debt? I don't think debt caused Sri Lanka's crisis, but it was the crisis that made Sri Lanka unable to pay its debts. 

I think there is a long chain that made Sri Lanka experience the worst crisis, Sri Lanka experienced a prolonged conflict that hampered their economic growth, and 19% of their revenues depended on tourism and the COVID-19 pandemic hit the tourism sector hard. 
and the cause most responsible for the crisis that occurred was a corrupt government

[stompix]

I wonder why a lot of people are pinning this debt trap to China only when their lending only amounts to 10% of Sri Lanka's Foreign debt? Other sources claim that the figure is up to 26% if you add the amounts owed to Chinese banks. Regardless, this 'China debt trap' sounds more like a propaganda to hide the economic mismanagement of Sri Lankan leaders and paint China as evil (again).

Yeah right, propaganda...
That is the overall debt in the loans Sri Lanka has taken from various entities.

The debt trap refers to things like  projects that were constructed by Chinese companies that Sri Lanka never afforded at all, like the whole fiasco where after allowing the Chinese to extend the port of Hambantota for billions while the port was seeing only a few vessels per month, so in order to pay for the debt risen though the construction they had to lease it for free for 99 years to China, in Colombo they had to give them 40-year tax relief for another billion.
The international airport in Mattala, $190 million from a Chinese bank, the airport is no longer having any international routes aside from Abu Dabhi.

You will not see those billion in the graphic since it's not a state-issue bond or debt.

If I scam you with a scheme and you're forced to come up with 10 000 euros which you borrow from the bank, who is to blame for your debt, the bank which holds your debt or me, the one that caused your loss in the first place?

[Botnake]

Srilanka is stuck in a debt trap. Its corrupt politicians sold srilanka to china. The took large loans for development projects, which never really fructified to completion leaving them badly debt ridden. It holds a great lesson for many, never try to grow rich with debt. Their tourism industry was hit by covid, their tea estates were destroyed by too quick transition to organic practices..  They need serious international help..I sympathize with lankans.

That's just the sad state of Sri Lanka and it's very difficult specially at this time to bounce back even if they have a new government, whether interim or they will go on the right process to elect a new one.

Yes, we, sympathized with them, we don't what that to happen to our country and to our government specially that I also lived in a neighboring countries. It's really the fault of the their governance that really bring the country on the collapsed.

Provably recovery for this country will take a long time but at least they are now taking action talking with IMF to discuss their loans, Maybe there are first country will help them in future once they put a right person to govern that country. But for now for sure their citizens will suffer from major inflation happening in their country and this should be look as reminder to other country leader to take extra precaution on their actions made especially on economical actions they do.

Sri Lankans currently experience inflation of nearly 60%, which is horrendous. A government with no political experience and too stupid to borrow from China and fall into their debt trap. The national budget no longer has foreign currency to import food, petrol and fertilizer. I think the people are suffering a lot because they don't have enough materials and food to live. The new government is negotiating with China and the IMF, hoping they will soon receive help and the new government will rebuild the country.

Aside from no experience, they have also fallen into the China's sweet words and made the government officials become greedy about the money they could get instead of using it to improve their economy or make infrastructure that could summon people who needs work. Now look at Sri Lanka, the officials are fleeing instead of getting arrested to make them pay on what they had done to their own country.

I hope this new government can really make some ammends or negotiate with China and IMF again to help them recover from mud.

[Cling18]

From this incident, a corrupt government that only cares about personal interests on the basis of ambition will lead to destruction. An unbalanced economic system and uncertainty about campaign promises are the main weapons.

What do you think about the economic crisis in Sri Lanka?

sri lanka is currently in a very difficult situation, a severe economic crisis has destroyed the lives of people in the area, is it true that the main cause is the accumulated debt? I don't think debt caused Sri Lanka's crisis, but it was the crisis that made Sri Lanka unable to pay its debts. 

I think there is a long chain that made Sri Lanka experienced the worst crisis, Sri Lanka experienced a prolonged conflict that hampered its economic growth, and 19% of its revenues depended on tourism and the COVID-19 pandemic hit the tourism sector hard. 
and the cause most responsible for the crisis that occurred was a corrupt government

Their corrupt government officials also took advantage of the pandemic that increased the debt of Sri Lanka and yes, they're the most responsible for the crisis happening in their country. The sad part is, that innocent people are paying for their debt and suffering because of their corruption. We can't blame the people who are protesting because they're fighting for their rights. If their country's crisis will get worse, their economic situation might collapse in the future.

[Frankolala]

Sri Lanka people are really suffering base on their current situation which was caused by corrupt leaders.I really feel for them but still happy they have stand up as one to fight out bad government.
   I hope this should be an example for other countries especially the third world countries that are been led by bad and corrupt government who loots the country funds for themselves and their family alone to come together in one voice saying no to bad government,if not they will not only suffer hardship but their children and grand children will also suffer it.
  May God help Sri Lanka restore their country and a pandemic like covid 19 shouldn't break out anymore.
 

[Freddie Boyer]

“Today in this country we have a fuel crisis, a food shortage, we have the head of the World Food Program coming here and we have several matters to discuss with the IMF,” Wickremesinghe said. “Therefore, if this government leaves there should be another government.”

Saturday the 9th of July the Sri Lankan palace finally became the final point where everything broke and was unavoidable. The crisis that befell this country is getting more and more unstoppable, plus the impact of the pandemic and the death of the tourism industry due to terrorist attacks in 2019. Protesters burst into the palace. Sri Lanka's president and prime minister inaugurated himself and fled by plane.
 
Some of Sri Lanka problems which I summarize as follows:

• Debt swells to $51 billion
• Corruption has increased dramatically
• High imports to meet needs are not supported by exports to global markets
• Gasoline out of stock
• Breakthrough inflation reaches 60%
• Civil servants are not paid
• Power failure
• School closed
• Hospitals as health facilities are also collapsing
• Silenced freedom of speech, and
• People experience experiences from all sectors, especially the economy in supporting their daily needs (food, drink, clothing, and housing).

From this incident, a corrupt government that only cares about personal interests on the basis of ambition will lead to destruction. An unbalanced economic system and uncertainty about campaign promises are the main weapons.

What do you think about the economic crisis in Sri Lanka?

Source:

• https://apnews.com/article/asia-economy-sri-lanka-074d8194c64572dc80118f88a01df1c2?taid=62c9b9b4c95ca00001c0a1cb&utm_campaign=TrueAnthem&utm_medium=AP&utm_source=Twitter
• https://www.adb.org/countries/sri-lanka/economy
• https://twitter.com/disclosetv/status/1545689501758111744

It seems clear that an economic crisis can have many effects on different populations. For Sri Lanka, the 2019 crisis has hit the people hard as inflation of basic goods and currency depreciation has left 7 million people there as 'invisible poor'

Although a particular example of this economic crisis may have occurred in Sri Lanka which you raised as a topic, this, but this impact is also not only in that country but also in other countries in my opinion.

[Sithara007]

Their corrupt government officials also took advantage of the pandemic that increased the debt of Sri Lanka and yes, they're the most responsible for the crisis happening in their country. The sad part is, that innocent people are paying for their debt and suffering because of their corruption. We can't blame the people who are protesting because they're fighting for their rights. If their country's crisis will get worse, their economic situation might collapse in the future.

All across the world, there is a new pattern of governments going populist. They are showering freebies on the population so that they can remain in power, at the expense of weakening economy and national currency. I have seen the same pattern here (in India) as well. The ruling coalition is known for it's fiscally conservative policies, but after a string of electoral defeats at state-level, they also resorted to giving cash and other freebies to the local population. It worked for them electorally so far, but the economy has taken a hit. But over the time, people become more and more demanding. The same set of freebies will not work in the long term. You need to make them more attractive with every passing year.

[Bttzed03]

I wonder why a lot of people are pinning this debt trap to China only when their lending only amounts to 10% of Sri Lanka's Foreign debt? Other sources claim that the figure is up to 26% if you add the amounts owed to Chinese banks. Regardless, this 'China debt trap' sounds more like a propaganda to hide the economic mismanagement of Sri Lankan leaders and paint China as evil (again).

Yeah right, propaganda...
That is the overall debt in the loans Sri Lanka has taken from various entities.

The debt trap refers to things like  projects that were constructed by Chinese companies that Sri Lanka never afforded at all, like the whole fiasco where after allowing the Chinese to extend the port of Hambantota for billions while the port was seeing only a few vessels per month, so in order to pay for the debt risen though the construction they had to lease it for free for 99 years to China, in Colombo they had to give them 40-year tax relief for another billion.
The international airport in Mattala, $190 million from a Chinese bank, the airport is no longer having any international routes aside from Abu Dabhi.

You will not see those billion in the graphic since it's not a state-issue bond or debt.

If I scam you with a scheme and you're forced to come up with 10 000 euros which you borrow from the bank, who is to blame for your debt, the bank which holds your debt or me, the one that caused your loss in the first place?

If you knew they can't afford it from the start, Sri Lanka's leaders most likely knew that as well. Why did they agree in the first place? Were they forced to accept the offer of Exim Bank of China to fund the construction of the port or the other projects you mentioned? That's what I do not get because it's they who gambled on these commercial loans and thought it will bring in more money to their economy. The loan terms and conditions were not hidden from them.

About the 99-year lease, they got $1.12 billion from China Merchants Port Holdings Company Limited (CM Port) for 70% share of the port. From what I read, they didn't even use all that money to pay off debts owed to Exim bank.

https://thediplomat.com/2020/01/the-hambantota-port-deal-myths-and-realities/
https://thediplomat.com/2019/05/is-sri-lanka-really-a-victim-of-chinas-debt-trap/

[stompix]

If you knew they can't afford it from the start, Sri Lanka's leaders most likely knew that as well.

Why are you so sure about that?
I can tell in a second that a random girl hitting on me with pics of money and crypto on her Instagram profile wants to scam me, thousands are not getting it even after they sent money and are not getting a dime back and they still try to message her to meet her in real life!

How many have fallen for the Akon city project? How many really believed the Volcano city in Salvador will be built with 500 million?

It's the same here, maybe they've believed it could be done, maybe they believed it would be profitable, maybe they used it to show people they are not getting left behind and during their reign, they've built stuff, maybe they tried themselves to screw the Chinese investors over this.

https://thediplomat.com/2020/01/the-hambantota-port-deal-myths-and-realities/
https://thediplomat.com/2019/05/is-sri-lanka-really-a-victim-of-chinas-debt-trap/

From the article itself:

However, these facts do not justify the Mahinda Rajapaksa government’s decision to construct the port using foreign loans obtained at higher interest rates at a time when the country was in dire need of fiscal consolidation.~~~ What must be remembered is that the government is still obliged to pay a little over $100 million every year as loan repayments pertaining to the Hambantota port project.

Loans, loans at higher interest than the market, a project that is useless, how do you define a debt trap if this ain't one?
I don't know how much they got paid for this, I don't know how much the bribe was, I don't know why they did it if it's not money, but I know what this is!

[rahmad2nd]

sri lanka is currently in a very difficult situation, a severe economic crisis has destroyed the lives of people in the area, is it true that the main cause is the accumulated debt? I don't think debt caused Sri Lanka's crisis, but it was the crisis that made Sri Lanka unable to pay its debts. 

I think there is a long chain that made Sri Lanka experienced the worst crisis, Sri Lanka experienced a prolonged conflict that hampered its economic growth, and 19% of its revenues depended on tourism and the COVID-19 pandemic hit the tourism sector hard. 
and the cause most responsible for the crisis that occurred was a corrupt government

Their corrupt government officials also took advantage of the pandemic that increased the debt of Sri Lanka and yes, they're the most responsible for the crisis happening in their country. The sad part is, that innocent people are paying for their debt and suffering because of their corruption. We can't blame the people who are protesting because they're fighting for their rights. If their country's crisis will get worse, their economic situation might collapse in the future.

Sri Lanka's economy has collapsed. let me explain a little bit as far as i know.

actually during the campaign period before becoming president, he had made a lot of promises and he did it after becoming president by cutting massive taxes. Then when Sri Lanka experienced an economic shock, he issued a policy of currency devaluation which caused a shortage of food and energy resources in the country. 

The president of Sri Lanka has an unreasonable fission, he has ambitions to make Sri Lanka an organic country, prohibit all forms of import of pesticide fertilizers which is strongly opposed by farmers in Sri Lanka who are ultimately unable to produce their agricultural materials.

and all the financing they receive from outside is used solely for subsidies. which means, so that people will trust and regard their president as a hero. and in the end, when the covid-19 pandemic occurred, all the dilapidated things he had been doing were revealed.
overall everything i said was the beginning of the cause of the crisis that happened to sri lanka.

[Smack That Ace]

~~

Aside from no experience, they have also fallen into the China's sweet words and made the government officials become greedy about the money they could get instead of using it to improve their economy or make infrastructure that could summon people who needs work. Now look at Sri Lanka, the officials are fleeing instead of getting arrested to make them pay on what they had done to their own country.

I hope this new government can really make some ammends or negotiate with China and IMF again to help them recover from mud.

President Ranil Wickremesinghe is optimistic that the country will start to stabilize by the end of 2023, but I think the decision is no longer in their hands. Foreign currency reserves have been exhausted and they cannot do without the help of creditors like China and the IMF.

If they are successful in persuasion then Sri Lanka can think of the recovery of the country. What they need most right now is the help of the international community.

[YOSHIE]

What do you think about the economic crisis in Sri Lanka?

I am very concerned about the current state of the economy in Sri Lanka, I just saw on private TV about the crisis and food shortages in Sri Lanka, many women who sell themselves only to buy food, milk, gas, medicine and so on, What's even worse is that government employees are laid off to do other activities, so they can earn money to eat.

I think especially the UN should address what happened in Sri Lanka, the initial steps and actions and the next step is food concern and assistance from other countries.

What happened in Sri Lanka, was really the worst and worst to the economy there.

[Botnake]

sri lanka is currently in a very difficult situation, a severe economic crisis has destroyed the lives of people in the area, is it true that the main cause is the accumulated debt? I don't think debt caused Sri Lanka's crisis, but it was the crisis that made Sri Lanka unable to pay its debts. 

I think there is a long chain that made Sri Lanka experienced the worst crisis, Sri Lanka experienced a prolonged conflict that hampered its economic growth, and 19% of its revenues depended on tourism and the COVID-19 pandemic hit the tourism sector hard. 
and the cause most responsible for the crisis that occurred was a corrupt government

Their corrupt government officials also took advantage of the pandemic that increased the debt of Sri Lanka and yes, they're the most responsible for the crisis happening in their country. The sad part is, that innocent people are paying for their debt and suffering because of their corruption. We can't blame the people who are protesting because they're fighting for their rights. If their country's crisis will get worse, their economic situation might collapse in the future.

Sri Lanka's economy has collapsed. let me explain a little bit as far as i know.

actually during the campaign period before becoming president, he had made a lot of promises and he did it after becoming president by cutting massive taxes. Then when Sri Lanka experienced an economic shock, he issued a policy of currency devaluation which caused a shortage of food and energy resources in the country. 

The president of Sri Lanka has an unreasonable fission, he has ambitions to make Sri Lanka an organic country, prohibit all forms of import of pesticide fertilizers which is strongly opposed by farmers in Sri Lanka who are ultimately unable to produce their agricultural materials.

and all the financing they receive from outside is used solely for subsidies. which means, so that people will trust and regard their president as a hero. and in the end, when the covid-19 pandemic occurred, all the dilapidated things he had been doing were revealed.
overall everything i said was the beginning of the cause of the crisis that happened to sri lanka.

Honestly, that's the usual problem that every country has to face and endure, also that is just the consequence after electing the officials who are just good at delivering sweet words and promises when in-fact they don't have that much experience and knowledge how to run a country and the people residing on it.

Just like Sri Lanka, the president has an ambition which is okay but that ambition won't give benefit to its countrymen especially for the lower class people. Sri Lanka president tried to make his country an organic country block all effective ways like pesticides and fertilizers instead of listening to the actual farmers who plows the land and knows every situation in the field.

[Fortify]

“Today in this country we have a fuel crisis, a food shortage, we have the head of the World Food Program coming here and we have several matters to discuss with the IMF,” Wickremesinghe said. “Therefore, if this government leaves there should be another government.”

Saturday the 9th of July the Sri Lankan palace finally became the final point where everything broke and was unavoidable. The crisis that befell this country is getting more and more unstoppable, plus the impact of the pandemic and the death of the tourism industry due to terrorist attacks in 2019. Protesters burst into the palace. Sri Lanka's president and prime minister inaugurated himself and fled by plane.
 
Some of Sri Lanka problems which I summarize as follows:

• Debt swells to $51 billion
• Corruption has increased dramatically
• High imports to meet needs are not supported by exports to global markets
• Gasoline out of stock
• Breakthrough inflation reaches 60%
• Civil servants are not paid
• Power failure
• School closed
• Hospitals as health facilities are also collapsing
• Silenced freedom of speech, and
• People experience experiences from all sectors, especially the economy in supporting their daily needs (food, drink, clothing, and housing).

From this incident, a corrupt government that only cares about personal interests on the basis of ambition will lead to destruction. An unbalanced economic system and uncertainty about campaign promises are the main weapons.

What do you think about the economic crisis in Sri Lanka?

Unfortunately this is what happens when the majority of your population relies on tourism as the primary source of income, because that got wiped out and is only just starting to recover after years of Covid. The wealthiest countries in the world tend to be those are manufacturer either goods or provide valuable services, they have a strong culture of research along with many independent institutions, backed by a powerful education system passing along knowledge. Unfortunately it is very easy to govern badly and steal a lot of public money when you don't have all those protections in place. It looks like the spiral is only destined to get worse because the current poverty leads to even subtle changes like widespread deforestation when other fuel sources have vanished.

[Davidvictorson]

Some of Sri Lanka problems which I summarize as follows:

• Debt swells to $51 billion
• Corruption has increased dramatically
• High imports to meet needs are not supported by exports to global markets
• Gasoline out of stock
• Breakthrough inflation reaches 60%
• Civil servants are not paid
• Power failure
• School closed
• Hospitals as health facilities are also collapsing
• Silenced freedom of speech, and
• People experience experiences from all sectors, especially the economy in supporting their daily needs (food, drink, clothing, and housing).

What do you think about the economic crisis in Sri Lanka?

Some months ago, I watched with a heavy heart a BBC report on the Sri Lankan economic crisis and I never thought it would get to this stage. I understand to a degree what is going on there and how Sri Lankans feel because I am currently living in a country with the same problems. Universities have been closed since the past 5-months, the prices of commodities are through the roof, the government a couple of days ago silently increased the price of petrol, the national grid collapsed a day ago, civil servants and pensioners are being held salaries for over 24 months, police brutality, increase in terrorism and kidnapping with support from some powerful people in the government and many more. One this is sure, we may not at this time have an uprising like the the Sri Lankans but the youths are determined to come out en mass and vote in  out the terrible people in government in the forthcoming general elections and ensure that the cabals don't put anyone of their puppets in Power. This is our form of uprising

[Gyfts]

sri lanka is currently in a very difficult situation, a severe economic crisis has destroyed the lives of people in the area, is it true that the main cause is the accumulated debt? I don't think debt caused Sri Lanka's crisis, but it was the crisis that made Sri Lanka unable to pay its debts. 

I think there is a long chain that made Sri Lanka experienced the worst crisis, Sri Lanka experienced a prolonged conflict that hampered its economic growth, and 19% of its revenues depended on tourism and the COVID-19 pandemic hit the tourism sector hard. 
and the cause most responsible for the crisis that occurred was a corrupt government

Their corrupt government officials also took advantage of the pandemic that increased the debt of Sri Lanka and yes, they're the most responsible for the crisis happening in their country. The sad part is, that innocent people are paying for their debt and suffering because of their corruption. We can't blame the people who are protesting because they're fighting for their rights. If their country's crisis will get worse, their economic situation might collapse in the future.

Sri Lanka's economy has collapsed. let me explain a little bit as far as i know.

actually during the campaign period before becoming president, he had made a lot of promises and he did it after becoming president by cutting massive taxes. Then when Sri Lanka experienced an economic shock, he issued a policy of currency devaluation which caused a shortage of food and energy resources in the country. 

The president of Sri Lanka has an unreasonable fission, he has ambitions to make Sri Lanka an organic country, prohibit all forms of import of pesticide fertilizers which is strongly opposed by farmers in Sri Lanka who are ultimately unable to produce their agricultural materials.

and all the financing they receive from outside is used solely for subsidies. which means, so that people will trust and regard their president as a hero. and in the end, when the covid-19 pandemic occurred, all the dilapidated things he had been doing were revealed.
overall everything i said was the beginning of the cause of the crisis that happened to sri lanka.

The energy shortages aren't to be taken lightly. We knew this was coming for months: https://www.eco-business.com/news/sri-lankas-economic-crisis-exposes-gaps-in-renewable-energy-push/

This article is from April. When the war in Ukraine started, all the countries that had foolishly shortened their energy capacity through green infrastructure, and began to rely on outside sources for their oil/gas, that they would eventually face an extreme crisis once the flow of oil/gas began to curtail. Except for Sri Lanka, they already had large amounts of debt, a looming preexisting energy shortage, and low economic growth.

COVID-19 and government mismanagement played a role and their economy was already headed downward, the energy crisis just accelerated what was already a doomed fate.

[Ahli38]

There are several ways that the Sri Lankan government can do to rise from the economic crisis. one of them is by providing massive incentives in the form of reducing tax rates and also reducing interest rates. or also by means of fiscal expansion. although this method will run slowly however. can be very effective when done correctly and honestly.

such as Finland which became one of the prosperous countries by upholding honesty in social life and government.
if people are used to lying and the government is corrupt (dishonest). then the destruction of the country will gradually occur. but it is very difficult to change the habit of a person who is accustomed to being dishonest to one who is honest.

[naira]

Some months ago, I watched with a heavy heart a BBC report on the Sri Lankan economic crisis and I never thought it would get to this stage. I understand to a degree what is going on there and how Sri Lankans feel because I am currently living in a country with the same problems. Universities have been closed since the past 5-months, the prices of commodities are through the roof, the government a couple of days ago silently increased the price of petrol, the national grid collapsed a day ago, civil servants and pensioners are being held salaries for over 24 months, police brutality, increase in terrorism and kidnapping with support from some powerful people in the government and many more.

First of all, what happened to you I am very concerned, I hope you return to a better condition and be resolved quickly. You have survived so far is a good step to survive in the middle of an unbalanced economy. Taking to the streets through demonstrations is a form of calling for justice, so I hope it's not marked by excessive fuss. If in the end you and the youth feel that their voices are being heard by the government, then do it. Invite to negotiate how the solution will be taken. People don't want to wait when the government doesn't act fast. A country's severed economy will only cause more outrage.

[n0ne]

The government kept its focus upon something specific and didn't think about the rest of the growth. This is the reason for the ongoing economic crisis. They were focused on creating an organic country, when there is some failure in production they should've shifted to the alternate plan. This concentration on one specific thing is the reason for such a crisis for basic needs of life.

[Ahli38]

Some months ago, I watched with a heavy heart a BBC report on the Sri Lankan economic crisis and I never thought it would get to this stage. I understand to a degree what is going on there and how Sri Lankans feel because I am currently living in a country with the same problems. Universities have been closed since the past 5-months, the prices of commodities are through the roof, the government a couple of days ago silently increased the price of petrol, the national grid collapsed a day ago, civil servants and pensioners are being held salaries for over 24 months, police brutality, increase in terrorism and kidnapping with support from some powerful people in the government and many more. One this is sure, we may not at this time have an uprising like the the Sri Lankans but the youths are determined to come out en mass and vote in  out the terrible people in government in the forthcoming general elections and ensure that the cabals don't put anyone of their puppets in Power. This is our form of uprising

I hope you and your family are always healthy and safe. in a deteriorating economic condition, the minds of those who are experiencing a crisis will become emotionally and psychologically unstable. Therefore, it is common in a country experiencing an economic crisis, namely an increase in the level of crime and violence. because everyone is forced by circumstances. so morality declines. so it's important to be able to take care of yourself and your family in a worsening economic crisis situation.

[irsada]

This is the result if the president as a leader cannot make wise decisions for the welfare of the people and only cares about himself.
I believe Sri Lanka will be much better after this very sad event, hopefully a strong leader will emerge and be able to advance the country.

[DrBeer]

I wonder why a lot of people are pinning this debt trap to China only when their lending only amounts to 10% of Sri Lanka's Foreign debt? Other sources claim that the figure is up to 26% if you add the amounts owed to Chinese banks. Regardless, this 'China debt trap' sounds more like a propaganda to hide the economic mismanagement of Sri Lankan leaders and paint China as evil (again).

Yeah right, propaganda...
That is the overall debt in the loans Sri Lanka has taken from various entities.

The debt trap refers to things like  projects that were constructed by Chinese companies that Sri Lanka never afforded at all, like the whole fiasco where after allowing the Chinese to extend the port of Hambantota for billions while the port was seeing only a few vessels per month, so in order to pay for the debt risen though the construction they had to lease it for free for 99 years to China, in Colombo they had to give them 40-year tax relief for another billion.
The international airport in Mattala, $190 million from a Chinese bank, the airport is no longer having any international routes aside from Abu Dabhi.

You will not see those billion in the graphic since it's not a state-issue bond or debt.

If I scam you with a scheme and you're forced to come up with 10 000 euros which you borrow from the bank, who is to blame for your debt, the bank which holds your debt or me, the one that caused your loss in the first place?

Great example and comments!
The essence of what you said, I hope it will reach the supporters of the fairy tale about the fact that China is "fighting the West" and "helping friends in this fight." China is a very cynical subject! He finds (no offense, but such is the reality) weak "friends", and under sweet speeches, offers them megaprojects. BUT:
- these projects are financed by China
- these projects are implemented in a significant part by China, or rather in the part where it is possible to generate the maximum added value. For example, the local population can also "carry bricks at a construction site" for a penny, but the development of project documentation for millions and hundreds of millions is done by the Chinese.
- as a rule, such objects have no economic value for the country that China has persuaded to such a project, and then China becomes the real owner for a penny, and for a period approximately equal to the design operational life of the object.
Eventually:
- China receives huge interest on loans
- In China, the population is busy with work, and work is expensive
- As a result, China receives the object of sale in its ownership, in fact, for free!

A good lesson for fans of "be friends with China against the West"!
It is China, and not the West, that will undress such countries and make them their slave, and it is guaranteed

[salad daging]

What do you think about the economic crisis in Sri Lanka?

I am very concerned about the current state of the economy in Sri Lanka, I just saw on private TV about the crisis and food shortages in Sri Lanka, many women who sell themselves only to buy food, milk, gas, medicine and so on, What's even worse is that government employees are laid off to do other activities, so they can earn money to eat.

I think especially the UN should address what happened in Sri Lanka, the initial steps and actions and the next step is food concern and assistance from other countries.

What happened in Sri Lanka, was really the worst and worst to the economy there.

Sri Lanka has got a new president Ranil Wickremesinghe in the parliamentary election getting the most votes from his competitor, although this is still a controversy because previously he was prime minister of president Gotabaya Rajapaksa, although many rejected the result but it was a legal decision and he will keep working to stabilize the country but for me it will take longer time and the country doesn't have any reserves.

It's true I just watched TV a lot of women there sell themselves to get their needs, maybe that way they can survive it because whatever they do or other work will not get results unless the road is steep.
This is the worst economy since they became independent in 1948.

I really care about the people there.

[Taskford]

This is the result if the president as a leader cannot make wise decisions for the welfare of the people and only cares about himself.
I believe Sri Lanka will be much better after this very sad event, hopefully a strong leader will emerge and be able to advance the country.

This is huge lesson needed to learn by their citizens and for their remaining officials since if they didn't get learning experience from this and continue to elec corrupt officials for sure this will happen to then again. But since the world is watching at their situation for sure there acting president will do all what they can do to revive back the economy of Sri Lanka.

[gabbie2010]

This is the result if the president as a leader cannot make wise decisions for the welfare of the people and only cares about himself.
I believe Sri Lanka will be much better after this very sad event, hopefully a strong leader will emerge and be able to advance the country.

Most of these corrupt leaders won't resign even if the country is facing severe economic hardship except being forcefully removed that was the situation with Sri Lanka, corruption is deep rooted in the country such that those leaders are unperturbed about the welfare of a common man, I believe this latest uprising in Sri Lanka will serve as a lesson to other corrupt leaders in other countries who are living in affluence at the mercy of their citizens, I forsee a similar revolution in those countries in the nearest future especially some African countries except they do needful to avert the calamity that might befall them.

[sovie]

This is the result if the president as a leader cannot make wise decisions for the welfare of the people and only cares about himself.
I believe Sri Lanka will be much better after this very sad event, hopefully a strong leader will emerge and be able to advance the country.

Most of these corrupt leaders won't resign even if the country is facing severe economic hardship except being forcefully removed that was the situation with Sri Lanka, corruption is deep rooted in the country such that those leaders are unperturbed about the welfare of a common man, I believe this latest uprising in Sri Lanka will serve as a lesson to other corrupt leaders in other countries who are living in affluence at the mercy of their citizens, I forsee a similar revolution in those countries in the nearest future especially some African countries except they do needful to avert the calamity that might befall them.

I believe Srilanka situation is not that bad the way we perceive - people are going there and enjoying their time in Sri Lanka.
However - people of Sri Lanka did rise and showed their anger against their government. Which is their right ...

[Smack That Ace]

There are several ways that the Sri Lankan government can do to rise from the economic crisis. one of them is by providing massive incentives in the form of reducing tax rates and also reducing interest rates. or also by means of fiscal expansion. although this method will run slowly however. can be very effective when done correctly and honestly.

Reducing interest rates, which they have done before. The previous president, Mr. Gotabaya Rajapaksa, in 2019 after taking office, also implemented a strong tax reduction policy to stimulate the economy, but this has affected the government's revenue by more than $ 2.7 billion.

This is not the solution for the Sri Lankan economy right now. What they need now is foreign currency to be able to buy essential items for life and restore production in this country. They will not be able to recover without foreign currency to import raw materials and food and medicine for the people.

[X-ray]

There are several ways that the Sri Lankan government can do to rise from the economic crisis. one of them is by providing massive incentives in the form of reducing tax rates and also reducing interest rates. or also by means of fiscal expansion. although this method will run slowly however. can be very effective when done correctly and honestly.

What they need now is foreign currency to be able to buy essential items for life and restore production in this country. They will not be able to recover without foreign currency to import raw materials and food and medicine for the people.

The problem is if that country can't recover without the help from IMF to give another loan. Everything already destroyed and that's the only way to help it. That needs another loan from IMF to be able to recover the damage. Everything is collapse. Even with the new president and that may not help a lot. Sri lanka didn't have enough foreign exchange reserves anymore to buy oil, grain and many more from another countries.

Without loan and that's almost an impossible thing to make sri lanka to recover.

[DrBeer]

There are several ways that the Sri Lankan government can do to rise from the economic crisis. one of them is by providing massive incentives in the form of reducing tax rates and also reducing interest rates. or also by means of fiscal expansion. although this method will run slowly however. can be very effective when done correctly and honestly.

What they need now is foreign currency to be able to buy essential items for life and restore production in this country. They will not be able to recover without foreign currency to import raw materials and food and medicine for the people.

The problem is if that country can't recover without the help from IMF to give another loan. Everything already destroyed and that's the only way to help it. That needs another loan from IMF to be able to recover the damage. Everything is collapse. Even with the new president and that may not help a lot. Sri lanka didn't have enough foreign exchange reserves anymore to buy oil, grain and many more from another countries.

Without loan and that's almost an impossible thing to make sri lanka to recover.

To avoid ambiguity, it must be clarified that loans from the IMF are not equal to a financial trap in the form of loans from China. China has already done such deals in other regions more than once. This is a policy of "creeping expansion", without violence, without murder, this is a cynical, beautifully designed theft, at the same time, in the process of which China is also paid money.
The VMFF is also not saints, but their goals are slightly different and not at all the same as those of China. Yes, it turns out "credit to credit is different", and ill-conceived or populist actions then for many decades disentangle the entire population of the country.
Objectively, the people of Sri Lanka are sorry, but it's good that they did not sit quietly, but showed their strength and sent an inadequate president "beyond the horizon". I really hope they manage to find an acceptable way out of the situation!

[sovie]

There are several ways that the Sri Lankan government can do to rise from the economic crisis. one of them is by providing massive incentives in the form of reducing tax rates and also reducing interest rates. or also by means of fiscal expansion. although this method will run slowly however. can be very effective when done correctly and honestly.

What they need now is foreign currency to be able to buy essential items for life and restore production in this country. They will not be able to recover without foreign currency to import raw materials and food and medicine for the people.

The problem is if that country can't recover without the help from IMF to give another loan. Everything already destroyed and that's the only way to help it. That needs another loan from IMF to be able to recover the damage. Everything is collapse. Even with the new president and that may not help a lot. Sri lanka didn't have enough foreign exchange reserves anymore to buy oil, grain and many more from another countries.

Without loan and that's almost an impossible thing to make sri lanka to recover.

The whole world is in chaos - - the covid was not gone when Afghan - US war took a drastic change and brought instability in the region. Then come Russian war
and Sri Lanka and Pakistan wanted to remain neutral - both the government have been toppled. Now Biden coming to Saudi for oil will result in increase in the price again. What is going on in the world.

[Vaskiy]

There are several ways that the Sri Lankan government can do to rise from the economic crisis. one of them is by providing massive incentives in the form of reducing tax rates and also reducing interest rates. or also by means of fiscal expansion. although this method will run slowly however. can be very effective when done correctly and honestly.

What they need now is foreign currency to be able to buy essential items for life and restore production in this country. They will not be able to recover without foreign currency to import raw materials and food and medicine for the people.

The problem is if that country can't recover without the help from IMF to give another loan. Everything already destroyed and that's the only way to help it. That needs another loan from IMF to be able to recover the damage. Everything is collapse. Even with the new president and that may not help a lot. Sri lanka didn't have enough foreign exchange reserves anymore to buy oil, grain and many more from another countries.

Without loan and that's almost an impossible thing to make sri lanka to recover.

The newly formed government need to work in a much faster way to tackle the prevailing situation which is at the worst. Sri Lanka to recover as the past will take decades. Even with loans it isn't possible, because right now the inflation have peaked along with the shortage of basic needs of life. One by one things can be retained, but when the focus is made over specific subject the other gets affected.

[bitgov]

The newly formed government need to work in a much faster way to tackle the prevailing situation which is at the worst. Sri Lanka to recover as the past will take decades. Even with loans it isn't possible, because right now the inflation have peaked along with the shortage of basic needs of life. One by one things can be retained, but when the focus is made over specific subject the other gets affected.

Sri Lanka will survive - the footages and pictures are obviously disturbing, but what has made people so aggressive that they have move the game of politics and threw all the politician out of the palaces.
The world is in so much chaos - the inflation - COVID- War - political instability. This is adding on more trouble to the people problem

[landheer]

I am also concerned about this news, I hope the Sri Lankan economy will improve and progress quickly. and what makes me sad is that there are many other countries whose economies are down. and now many companies are closing, and finally unemployment is increasing in the world. I hope that in the future the world economy will rise again and progress

[Sithara007]

I am also concerned about this news, I hope the Sri Lankan economy will improve and progress quickly. and what makes me sad is that there are many other countries whose economies are down. and now many companies are closing, and finally unemployment is increasing in the world. I hope that in the future the world economy will rise again and progress

The root cause for all this is populist policies from the governments who focus only on short-term benefit. During the last decade or so, regimes all over the world have been experimenting with the method of "cash for votes". Even conservative parties such as GOP in the US, NDA in India and the Tories in the UK have resorted to this tactic. Budget deficit widens beyond unsustainable limits as a result of this reckless spending and hard working people feel demotivated after being slapped with more and more taxes. This situation is not sustainable in the long term.

[bitgov]

I am also concerned about this news, I hope the Sri Lankan economy will improve and progress quickly. and what makes me sad is that there are many other countries whose economies are down. and now many companies are closing, and finally unemployment is increasing in the world. I hope that in the future the world economy will rise again and progress

The root cause for all this is populist policies from the governments who focus only on short-term benefit. During the last decade or so, regimes all over the world have been experimenting with the method of "cash for votes". Even conservative parties such as GOP in the US, NDA in India and the Tories in the UK have resorted to this tactic. Budget deficit widens beyond unsustainable limits as a result of this reckless spending and hard working people feel demotivated after being slapped with more and more taxes. This situation is not sustainable in the long term.

I think what the news say is not the everything. For example there is the same kind of political turmoil going on in Pakistan since April 2022.
If you happen to see there are so many videos and footages of people protesting on the streets till that day. Upon asking a Pakistani friend. He said things are fine but we gather on the call of our former PM Imran Khan. So let's wait an watch what happens next.

[Wakate]

The country is getting better now that they have replaced the old president with new one. At least things should start getting better with time as the new president fix what the former could not fix. It was a big freedom for the country to send out the old government out with all courage by the citizen because they were tired of what they are facing everyday. The new government should be able to fix what the old one could not do and plan for the better achievements.

[Smartvirus]

Once more, revolution has been used to fix bad governance even if its still far from resolving the problem with there economy but at least, it was good for a start. There dramatic occupancy of the Presidential villa is a show that is sure to go down in history as the moment the people exercised there power. Having tourism for a major source of revenue generation doesn't help so much hence, they've got to try and see what thy could export to hasten the recovery of there economy. Following the pandemic, I guess they stopped getting tourist around and in this era of crisis.
Corruption is no good for any nation and the sooner other nations that are dealing with this realises it, the better chance they would have of a recovery.

[MCobian]

The country is getting better now that they have replaced the old president with new one. At least things should start getting better with time as the new president fix what the former could not fix. It was a big freedom for the country to send out the old government out with all courage by the citizen because they were tired of what they are facing everyday. The new government should be able to fix what the old one could not do and plan for the better achievements.

Ranil Wickremesinghe has been officially sworn in as the new President of Sri Lanka. Hopefully he can solve the problems in Sri Lanka,
and not repeat the mistakes made by Gotabaya Rajapaksa. Moreover, Wickremesinghe is a politician who has international experience,
so Wickremesinghe should be able to solve Sri Lanka's very serious economic problems. Now people of Sri Lanka are hoping for a significant
improvement after Wickremesinghe's election as President. We will see in the next few weeks what policies Wickremesinghe will take to
resolve the economic crisis in Sri Lanka. Ranil Wickremesinghe has served 6 times as prime minister, so it should have understood correctly
how it should run the government properly.

[usekevin]

It will impact the other nation economy in the short period of time.The economy of all the countries are dependent on each other.In a single statement,it’s the world economy prevails now and not the state owned economy.United States should look into this issue,since they are supporting country of Sri lanka and owned their post in the Srilanka .To prevent the United State supremacy,they need to check this issues.

[CageMabok]

I think what the news say is not the everything. For example there is the same kind of political turmoil going on in Pakistan since April 2022.
If you happen to see there are so many videos and footages of people protesting on the streets till that day. Upon asking a Pakistani friend. He said things are fine but we gather on the call of our former PM Imran Khan. So let's wait an watch what happens next.

Do you also have friends in Sri Lanka ? because from the news I'm reading at the moment, he said The number of Sri Lankans trying to escape to Australia by boat has increased dramatically in the midst of the country's economic crisis. @news.detik.com So I can only read the news without being able to ask the people there and can't watch it live for now.

[bitgov]

I think what the news say is not the everything. For example there is the same kind of political turmoil going on in Pakistan since April 2022.
If you happen to see there are so many videos and footages of people protesting on the streets till that day. Upon asking a Pakistani friend. He said things are fine but we gather on the call of our former PM Imran Khan. So let's wait an watch what happens next.

Do you also have friends in Sri Lanka ? because from the news I'm reading at the moment, he said The number of Sri Lankans trying to escape to Australia by boat has increased dramatically in the midst of the country's economic crisis. @news.detik.com So I can only read the news without being able to ask the people there and can't watch it live for now.

Siri lanka will survive and there is no way they are going to collapse ....
stop creating rumors that that country is going to collapse while the other will survive

[Lubang Bawah]

Sri Lanka experienced a sad crisis, many Sri Lankan people chose to leave the country and head to Australia or the country that they thought could provide a better life, of course a large country must be actively involved to resolve the crisis in Sri Lanka because if left unchecked it will experience a humanitarian crisis worse.

[Sithara007]

Sri Lanka experienced a sad crisis, many Sri Lankan people chose to leave the country and head to Australia or the country that they thought could provide a better life, of course a large country must be actively involved to resolve the crisis in Sri Lanka because if left unchecked it will experience a humanitarian crisis worse.

Sir Lanka will bounce back.
They are strong people and they have great natural resources this is the tough time - but they will come out of this trouble very soon.

Sri Lanka was dependent on a few sectors, such as farming and tourism. They fucked up farming sector by insisting on organic farming. Sri Lanka used to export rice, tea.etc, but the production is down now. And tourism was impacted by decades of civil war. They need to diversify their economy and make use of their strategic position in the Indian Ocean, which is close to the international shipping routes. They made some moves in the right direction, by investing heavily on Hambantota and Galle ports, but the marine traffic never picked up due to a variety of issues.

[Bitcoin2009]

Sri Lanka experienced a sad crisis, many Sri Lankan people chose to leave the country and head to Australia or the country that they thought could provide a better life, of course a large country must be actively involved to resolve the crisis in Sri Lanka because if left unchecked it will experience a humanitarian crisis worse.

Sir Lanka will bounce back.
They are strong people and they have great natural resources this is the tough time - but they will come out of this trouble very soon.

We hope so, they are used to difficult things, ranging from war, food crisis, economy and so on, but they can rise up, but for now they really need international help, the first thing that is easy to do is supply oil to make the economy return to normal .

[Mario Yamasaki]

I've been to sri lanka and they have good tourism potential, beautiful beaches make me want to go back to sri lanka, i'm sad to see sri lanka's current condition and invite anyone to actively help sri lanka, the presence of cryptocurrencies can certainly be a solution to make it easier for them.

[Republikcoin.com]

Sri Lanka experienced a sad crisis, many Sri Lankan people chose to leave the country and head to Australia or the country that they thought could provide a better life, of course a large country must be actively involved to resolve the crisis in Sri Lanka because if left unchecked it will experience a humanitarian crisis worse.

It is very natural for them (Sri lankans) to flee from their country to other countries in order to survive because they are not only fighting hunger, but also struggling to stay alive and still want to enjoy this beautiful world.

Sir Lanka will bounce back.
They are strong people and they have great natural resources this is the tough time - but they will come out of this trouble very soon.

Large natural resources will not guarantee a country can prosper well if there are no humans or citizens who are able to manage each of these natural resources.
Because natural resources will be useful when there are humans who also have the resources to manage them properly because human resources are also very important to manage existing natural resources.

We hope so, they are used to difficult things, ranging from war, food crisis, economy and so on, but they can rise up, but for now they really need international help, the first thing that is easy to do is supply oil to make the economy return to normal .

It is still possible for them to get up, but not quickly because for now they need time to get back up and also need food assistance, and others to be able to run a temporary life.
Even though they are used to hardships, but if the life they feel is still too painful, it will also make it difficult for them to realize economic revival and life in their country.

[hyudien]

Sir Lanka will bounce back.
They are strong people and they have great natural resources this is the tough time - but they will come out of this trouble very soon.

Have you ever considered from multiple perspectives the case where Sri Lanka if they had resources that were 100% controlled by them, how they could be so heavily in debt that they couldn't even turn on the electricity? Blackouts are everywhere and based on the OP's narrative, it's very difficult if Sri Lanka can recover in a short period of time. I know Sri Lankans are strong people, but that's not the only thing driving a revival if it's not backed by stable financial resources.

[raidarksword]

This is the worst kind to happen in a country wherein government a lost it all because of high inflation effect and the direct be affected are all the citizens especially low class people in Sri Lanka. That's why inflation is never be a good and I hope Sri Lankans can bear this tragic events in their county and they can recover slowly.

[Sang Prabu]

The debt that became the beginning of the Sri Lankan disaster, when Sri Lanka failed to pay made many countries not want to care and cooperate with Sri Lanka, of course this is a serious problem that needs international assistance, if it is not resolved immediately there will be a humanitarian tragedy such as death due to hunger.

[Smack That Ace]

Sir Lanka will bounce back.
They are strong people and they have great natural resources this is the tough time - but they will come out of this trouble very soon.

Have you ever considered from multiple perspectives the case where Sri Lanka if they had resources that were 100% controlled by them, how they could be so heavily in debt that they couldn't even turn on the electricity? Blackouts are everywhere and based on the OP's narrative, it's very difficult if Sri Lanka can recover in a short period of time. I know Sri Lankans are strong people, but that's not the only thing driving a revival if it's not backed by stable financial resources.

Sri Lanka's strength is agriculture and tourism but now everything is ruined, the blackout happened because they ran out of foreign currency and could not afford to import energy.

Recently, the World Bank (WB) refused to provide more money to Sri Lanka and this is a sad thing. What is needed now is that they work to show the world that they can change the status quo, so that the World Bank and the IMF can provide other loans to them. I pray that with their will and energy they will overcome this ordeal.

[inthelongrun]

Now China and India are contesting who's to save Sri Lanka from sinking deeper. But the Chinese have more money to offer although with high interests but there is nothing Sri Lanka can do as they need immediate assistance otherwise trouble will start once again. The Chinese also have remaining high stakes in the country and have control of a big port and probably more establishments and projects there, so it is most likely that the Sri Lankan government will allow them to dictate a recovery plan. I only hope that the Chinese will not deploy warships, warplanes, and military in the country because it will cause more trouble with neighboring India.   

[n0ne]

Now China and India are contesting who's to save Sri Lanka from sinking deeper. But the Chinese have more money to offer although with high interests but there is nothing Sri Lanka can do as they need immediate assistance otherwise trouble will start once again. The Chinese also have remaining high stakes in the country and have control of a big port and probably more establishments and projects there, so it is most likely that the Sri Lankan government will allow them to dictate a recovery plan. I only hope that the Chinese will not deploy warships, warplanes, and military in the country because it will cause more trouble with neighboring India.   

India is not into the contest. India have supported Sri Lanka on the humanitarian basis. In the history of Sri Lanka it have got an island that is being owned by India. Through some legal agreement it is with Sri Lanka. If India is into the contest India would've made plans of recovering the island. Now it is China that is gonna take control over Sri Lanka. The ultimate is to deploy warships and frighten India's southern territories which doesn't border with any other countries.

[Renampun]

Now China and India are contesting who's to save Sri Lanka from sinking deeper. But the Chinese have more money to offer although with high interests but there is nothing Sri Lanka can do as they need immediate assistance otherwise trouble will start once again. The Chinese also have remaining high stakes in the country and have control of a big port and probably more establishments and projects there, so it is most likely that the Sri Lankan government will allow them to dictate a recovery plan. I only hope that the Chinese will not deploy warships, warplanes, and military in the country because it will cause more trouble with neighboring India.   

Tensions between China and India have been heating up again since Sri Lanka collapsed because of their debt to China...

Controlling Sri Lanka is China's first step to controlling South Asia, the economy is the biggest reason China is trying to control South Asia and of course India will try to break China's dominance in South Asia, if India wants to help Sri Lanka then they must be ready to pay off Sri Lanka's debts.

[Wakate]

Now China and India are contesting who's to save Sri Lanka from sinking deeper. But the Chinese have more money to offer although with high interests but there is nothing Sri Lanka can do as they need immediate assistance otherwise trouble will start once again. The Chinese also have remaining high stakes in the country and have control of a big port and probably more establishments and projects there, so it is most likely that the Sri Lankan government will allow them to dictate a recovery plan. I only hope that the Chinese will not deploy warships, warplanes, and military in the country because it will cause more trouble with neighboring India.   

The Chinese had been dominating for long and they even have more investment in the country so they will have more country of a large parts in the country development and recovery. There is nothing the India could do because Chinese has more money and investments in the country but this is going to be a kind of competition between the two countries. The country now has a new president so the government would decide how to fix things to normality.

[Hamza2424]

Facts never changes as the reserve to the Printing ratio of money creates the problems liek inflation as well the paper currency is a big scam in way you can say that the current Economic condition of the Sri Lanka is due to lack of atable printing of money and Heavy corruption with in the syatem by the leaders. Understand you will choose Independent Currency as i can see the future of BTC as Clear as SKY.

[Vaskiy]

News about the condition of Sri Lanka makes us sad, my country has sent humanitarian assistance such as food and drugs, but the Sri Lanka state cannot rely on assistance forever, they must seek productive assistance such as investment so that it can make the economic life of Sri Lanka residents can immediately improve.

Just think of yourself being an investor. Do you make an investment over the country at this situation. For now it is the responsibility of the government to take adequate measures and fulfill the needs of the people. For some time period the country isn't gonna come out of the problem. More other countries too facing similar problem, but not exploded for now.

[Sithara007]

Facts never changes as the reserve to the Printing ratio of money creates the problems liek inflation as well the paper currency is a big scam in way you can say that the current Economic condition of the Sri Lanka is due to lack of atable printing of money and Heavy corruption with in the syatem by the leaders. Understand you will choose Independent Currency as i can see the future of BTC as Clear as SKY.

Sri Lanka will not be in trouble - all the stuff we see in news is a small part of what is happening there.
The faced the problem because of their neutral stance on Russia and Ukraine war. Also the politician were corrupt too.

What a load of BS? Are you saying that this issue rose from their stance on the Russo-Ukrainian war? No one actually cares about their stance. Sri Lanka is located tens of thousands of km away from the conflict zone and they are not a major player in global economy. Whatever issues Sri Lanka is having right now results from corruption within the government, and due to the populist programs implemented previously. Governments around the world are now handing out freebies like there is no tomorrow. This benefits the population in the short-term, but destroys the economy in the long run.

[Jaksjol675]

Sri Lanka's economic crisis that has brought misery and unrest is "going to get worse before it gets better". And the country is facing fuel shortages and soaring food prices, with some Sri Lankans forced to skip meals.

[DrBeer]

Now China and India are contesting who's to save Sri Lanka from sinking deeper. But the Chinese have more money to offer although with high interests but there is nothing Sri Lanka can do as they need immediate assistance otherwise trouble will start once again. The Chinese also have remaining high stakes in the country and have control of a big port and probably more establishments and projects there, so it is most likely that the Sri Lankan government will allow them to dictate a recovery plan. I only hope that the Chinese will not deploy warships, warplanes, and military in the country because it will cause more trouble with neighboring India.   

Help from China? Are you seriously !? China is extremely pragmatic and selfish country! China gives money only if its investments pay off many times over, or rather 10-100 times. Look at the African countries where China "invests" and even Sri Lanka (it has already experienced the "efficiency" of Chinese investments)!
Accepting investments from China is the easiest option, if a person is sick, he will agree to work for a penny for a lifetime for a doctor, having previously transferred all his property to the doctor. And often it is an analogue of taking potassium cyanide to cure a cough. You will definitely stop coughing - but it will no longer benefit you

[Kadal Ijo]

The condition of Sri Lanka is getting worse, to buy 5 liters of oil requires more than a day to queue, in addition to the Sri Lanka oil crisis as well as the electricity crisis, the supply of raw materials for electricity stops and if this is not resolved then we are like living 50 years ago, crime as well increase because people have difficulty finding the necessities of life.

[D ltr]

The Sri Lanka case reminds me of my country when students overthrew the government for 32 years, but the Sri Lankan case is very complete in this regard, how will they improve the economy while their country is already at a minus point, they need economists and administrators who are really honest and determined bring the country back

[Pejoh Asu]

News about the condition of Sri Lanka is often reportedly in my country, reportedly many places cannot use cars because there is no oil, electricity dies in many places and economics such as stopping, many countries blame Sri Lanka for debt with China but if we think about humanity then now is the time to Help Sri Lanka.

[BlackBaron]

Lately, indeed all private tv has been informing about the economy in Sri Lanka, this is the worst history that has ever been experienced by the people of Sri Lanka.

I wonder if crypto can restore the economy that is happening in Sri Lanka right now, I hope someone can do something to Sri Lanka to overcome the economic crisis there.

[btc_angela]

Lately, indeed all private tv has been informing about the economy in Sri Lanka, this is the worst history that has ever been experienced by the people of Sri Lanka.

I wonder if crypto can restore the economy that is happening in Sri Lanka right now, I hope someone can do something to Sri Lanka to overcome the economic crisis there.

No, crypto is not the magic bean that will suddenly solved the poverty problem. Sri Lanka's issue have a deep root, their government is controlled by few elitist and oligarchs and corruption is rampant in the government. And when Covid strike, everything went downward on them as their government was inept on handling the crisis forcing people to make a move, and topple the old regime. So now it's time for the newly formed government to build from the rubble of the previous, but it will take a lot of help from other countries as well so that they can reform everything and hopefully the new set of officials will not be corrupt as the previous one.

[Bitcoin2009]

Lately, indeed all private tv has been informing about the economy in Sri Lanka, this is the worst history that has ever been experienced by the people of Sri Lanka.

I wonder if crypto can restore the economy that is happening in Sri Lanka right now, I hope someone can do something to Sri Lanka to overcome the economic crisis there.

No, crypto is not the magic bean that will suddenly solved the poverty problem. Sri Lanka's issue have a deep root, their government is controlled by few elitist and oligarchs and corruption is rampant in the government. And when Covid strike, everything went downward on them as their government was inept on handling the crisis forcing people to make a move, and topple the old regime. So now it's time for the newly formed government to build from the rubble of the previous, but it will take a lot of help from other countries as well so that they can reform everything and hopefully the new set of officials will not be corrupt as the previous one.

Most countries have problems because people in government and councils don't care about citizens, they only focus on enriching themselves and their groups, the problems that occur in sri lanka are of course very complicated but the small thing we can do is collect donations to buy groceries and medicine that Sri lanka urgently needs.

[ultrloa]

Lately, indeed all private tv has been informing about the economy in Sri Lanka, this is the worst history that has ever been experienced by the people of Sri Lanka.

I wonder if crypto can restore the economy that is happening in Sri Lanka right now, I hope someone can do something to Sri Lanka to overcome the economic crisis there.

No, crypto is not the magic bean that will suddenly solved the poverty problem. Sri Lanka's issue have a deep root, their government is controlled by few elitist and oligarchs and corruption is rampant in the government. And when Covid strike, everything went downward on them as their government was inept on handling the crisis forcing people to make a move, and topple the old regime. So now it's time for the newly formed government to build from the rubble of the previous, but it will take a lot of help from other countries as well so that they can reform everything and hopefully the new set of officials will not be corrupt as the previous one.

That's right and if they use this in their current condition maybe they will suffer more worse because we all know bitcoin is not cool coin to have especially when the market is collapsing, so I maybe what they need right now is right set of government official who can handle well on their finances then find ways to get some revenues from what left to their country. For sure Sri Lanka can get over with this crisis since if their official will not still care about their country for sure they suffer for more hardships in life.

[Sithara007]

That's right and if they use this in their current condition maybe they will suffer more worse because we all know bitcoin is not cool coin to have especially when the market is collapsing, so I maybe what they need right now is right set of government official who can handle well on their finances then find ways to get some revenues from what left to their country. For sure Sri Lanka can get over with this crisis since if their official will not still care about their country for sure they suffer for more hardships in life.

See what happened in El Salvador. They converted a part of their forex reserves to Bitcoin, and now they are in deep trouble. BTC has gone down by as much as 70% from the peak levels. Other currencies have also gone down (for example Euro lost almost 20% of its value), but the case with Bitcoin was extreme. And the future outlook also looks bleak, given the chances of an impending recession. Can El Salvador afford to wait till the next 4-year cycle? That may happen sometime in 2025 and it is still 3 years away.

[Zlantann]

The Sri Lanka case reminds me of my country when students overthrew the government for 32 years, but the Sri Lankan case is very complete in this regard, how will they improve the economy while their country is already at a minus point, they need economists and administrators who are really honest and determined bring the country back

The problem with revolution or using protest to overthrow a government is that some set of rich politicians would still capitalize on the poverty of the masses. Because the people are poor these reach politicians would throw few bucks in there direction and they would immediately loose the focus of the revolution. In Sri Lanka it is still the cronies of the toppled government that is still in power.

The only way out of this economic crisis is sacrifice on the part of the government and the citizens. The government should cut cost of governance and shun corruption. Loans should be used judiciously for infrastructural development and investments. The people should also expect subsidy removal in certain areas and tax increase.

[Subbir]

Corruption is generally engulfing the economy of every country plagued by problems including rising inflation, huge public debt and draining foreign exchange coffers the country is unable to import basic necessities. Food and fuel prices are skyrocketing to get rid of this situation corruption must be prevented. If not the situation will worsen due to fuel shortage in the country, an increase in food prices.

[Vaskiy]

Corruption is generally engulfing the economy of every country plagued by problems including rising inflation, huge public debt and draining foreign exchange coffers the country is unable to import basic necessities. Food and fuel prices are skyrocketing to get rid of this situation corruption must be prevented. If not the situation will worsen due to fuel shortage in the country, an increase in food prices.

Corruption is a big issue all around the world. Apart from the same Sri Lanka suffered the mismanagement and the internal war between people. If they've united long back, now such a worse scenario could've never come. When there is no unity among the people, the same is used as a way by the rulers to take benefit. Now the new cabinet have made some changes to the policies, hope things turn good. But it takes atleast ten years of time from now.

[lucates]

We are now seeing what would happen to a country if the economy goes down.

People in this country are suffering now, but this is all because of bad governance.
Honestly, I can't imagine that they will get worse than this, it's the children that will be affected more, hopefully, they will be able to recover although it's very hard to make it happen.

The corrupt people who cause this are probably now leaving this country. 

22 million people in Srilanka have suffered lengthy blackouts and spiraling cost of living pressure. Months of protest over the financial collapse, culminated in the resignation of the president, Gotabaya Rajapaksa, who was forced to flee his official residence after it was stormed by a huge crowd last month.
The economic crisis is likely to get worse as the country's central bank says that the economic meltdown will result in a record painful contraction of at least 8 percent this year. But people could soon expect some relief from runaway inflation. The central bank says inflation in Srilanka is officially running at 60.8 percent but it will peak at 65 percent in September followed by gradual easing caused by lower demand and improvements in supplies. The government says the foreign exchange shortage that sparked the economic crisis has eased due to better currency inflows and lower imports.

[virasisog]

Corruption is generally engulfing the economy of every country plagued by problems including rising inflation, huge public debt and draining foreign exchange coffers the country is unable to import basic necessities. Food and fuel prices are skyrocketing to get rid of this situation corruption must be prevented. If not the situation will worsen due to fuel shortage in the country, an increase in food prices.

Corruption is a big issue all around the world. Apart from the same Sri Lanka suffered the mismanagement and the internal war between people. If they've united long back, now such a worse scenario could've never come. When there is no unity among the people, the same is used as a way by the rulers to take benefit. Now the new cabinet have made some changes to the policies, hope things turn good. But it takes atleast ten years of time from now.

They need to be united for them to perform their revolutionary action effectively or else, corrupt officials will only take advantage of their situation. Corruption is the main reason why some countries suffer fr the worst governance and poverty and it is very evident. I hope Sri Lanka would still find a way out of the crisis that they're going through.

[KennyR]

Corruption is generally engulfing the economy of every country plagued by problems including rising inflation, huge public debt and draining foreign exchange coffers the country is unable to import basic necessities. Food and fuel prices are skyrocketing to get rid of this situation corruption must be prevented. If not the situation will worsen due to fuel shortage in the country, an increase in food prices.

Corruption is a big issue all around the world. Apart from the same Sri Lanka suffered the mismanagement and the internal war between people. If they've united long back, now such a worse scenario could've never come. When there is no unity among the people, the same is used as a way by the rulers to take benefit. Now the new cabinet have made some changes to the policies, hope things turn good. But it takes atleast ten years of time from now.

They need to be united for them to perform their revolutionary action effectively or else, corrupt officials will only take advantage of their situation. Corruption is the main reason why some countries suffer fr the worst governance and poverty and it is very evident. I hope Sri Lanka would still find a way out of the crisis that they're going through.

As of now it is the support of World Countries that can help with the resurrection of Sri Lanka. If not, this is gonna be a problem for long. However very few countries are into the helping list, even the World Bank refused to support them. Now with the landing of the China Ship, there arises a problem. This might stop the support from India. Sri Lanka is in a critical position and corruption in the past is now making the people suffer whereas the politicians who are the core for such situation are enjoying life same as before.

[Xampeuu]

Corruption is generally engulfing the economy of every country plagued by problems including rising inflation, huge public debt and draining foreign exchange coffers the country is unable to import basic necessities. Food and fuel prices are skyrocketing to get rid of this situation corruption must be prevented. If not the situation will worsen due to fuel shortage in the country, an increase in food prices.

Corruption is a big issue all around the world. Apart from the same Sri Lanka suffered the mismanagement and the internal war between people. If they've united long back, now such a worse scenario could've never come. When there is no unity among the people, the same is used as a way by the rulers to take benefit. Now the new cabinet have made some changes to the policies, hope things turn good. But it takes atleast ten years of time from now.

They need to be united for them to perform their revolutionary action effectively or else, corrupt officials will only take advantage of their situation. Corruption is the main reason why some countries suffer fr the worst governance and poverty and it is very evident. I hope Sri Lanka would still find a way out of the crisis that they're going through.

Corruption is indeed a major problem in undermining state finances. Like Sri Lanka, of course, their level of corruption is extraordinary. but unfortunately a culture of corruption like this is difficult to eradicate, at least it can limit it. even if the government changes, of course the people in power will become greedy for money, indeed not everyone, but most people like money. with the difficulty of fuel oil, of course, making transportation jammed and the economy paralyzed, hopefully this can be a lesson for other countries, especially when inflation is global as it is today

[Die_empty]

President Gotabaya Rajapaksa that was forced to resign by the protester has returned back to the country. Since the current President has succeeded in cracking down on protests, most of the Rajapaksa family and its supporters who were in hiding are emboldened to return to public politics.

His return was not expected because the country is suffering because of his misdeeds. Maybe he has gotten assurance from the current government that he would not be persecuted or he might be given a soft landing.

Does it mean now that these brave protesters labored in vain?

Would he be held accountable for mismanaging the country's economy?

https://www.aljazeera.com/news/2022/9/2/sri-lankas-gotabaya-rajapaksa-returns-weeks-after-fleeing-island

[Jody.Drummer]

President Gotabaya Rajapaksa that was forced to resign by the protester has returned back to the country. Since the current President has succeeded in cracking down on protests, most of the Rajapaksa family and its supporters who were in hiding are emboldened to return to public politics.

His return was not expected because the country is suffering because of his misdeeds. Maybe he has gotten assurance from the current government that he would not be persecuted or he might be given a soft landing.

Does it mean now that these brave protesters labored in vain?

Would he be held accountable for mismanaging the country's economy?

https://www.aljazeera.com/news/2022/9/2/sri-lankas-gotabaya-rajapaksa-returns-weeks-after-fleeing-island

A cowardly move by a leader who left when his country was in chaos and came back after things had calmed down enough. This is not the soul of a leader who should be exemplified because he will easily come and go leaving his obligations to millions of citizens who are in need of certainty. This is where the Sri Lankan people have to open their eyes wide that there are no second chances for this kind of leader. The power is in the hands of the people and if they want to stand on their feet, then turning over a new leaf is a good step, but we have to start from zero at least the old wounds are no longer wide open for an irresponsible leader as before he was sworn in to remain obedient to the people. the benefit of its citizens.

[Duzter]

The lack of governance and the internal war is also a reason for the ongoing crisis. It is one among the country that experienced the hard days out of covid-19, because the revenue is much dependent on the tourism. During those days the tourism is completely stopped and there is no revenue for the common people. By the time government too isn't serious about the necessity of the people. They were into poor planning and corrupt. Finally the president is dethroned, but the suffering is experienced by the common people while he have ran away and enjoying the same luxury as the past.

[bestcoins1]

Now the living conditions of sri lanka are very worrying, i heard directly from friends who live in sri lanka that now it is very difficult to find food needs, the price of oil is skyrocketing and it is difficult to buy because they have to queue for more than 3 days for 10 liters of oil.

Queuing for more than 3 days for 10 liters of oil is a really sad thing and I can't imagine it because it feels like the world is about to end. Don't you ask more people there how much help is coming there to tackle the things that are needed in Sri Lanka? Because Sri Lankans are also human beings who are entitled to aid such as food and edible oil.

Oh! God there is so much misery in the world. I have heard too - there is flood in Pakistan are people are in dire need of food and clean water.
I wish and pray - God have mercy on everyone in the world. Life is becoming so much difficult.

God always has mercy on all humans in this world because the blessings given by God never break to humans. Due to several disasters that occur in this world, most of them are the result of human work by not preserving nature and forests so that flooding is easier to occur and also the absence of adequate drainage.

[blockman]

The same thing is happening almost everywhere and I think it will be worse if this continues till winter time when there will be cold and everyone would need oil and gas to survive the long winter season.

Not that really everywhere, at least for the other countries, they've mitigated the same happening with Sri Lanka.

The new government still have something to do and some time to reshape the country economy

From what I've read, the new leader has some experience but it will take time for them to utterly recover from the devastation that has happened to their economy.

if not, thing might get even worse than what they are facing right now.

Let's just hope that they have learned the lesson the hard way and their leaders won't be following the same path.

[Strongkored]

President Gotabaya Rajapaksa that was forced to resign by the protester has returned back to the country. Since the current President has succeeded in cracking down on protests, most of the Rajapaksa family and its supporters who were in hiding are emboldened to return to public politics.

His return was not expected because the country is suffering because of his misdeeds. Maybe he has gotten assurance from the current government that he would not be persecuted or he might be given a soft landing.

Does it mean now that these brave protesters labored in vain?

Would he be held accountable for mismanaging the country's economy?

https://www.aljazeera.com/news/2022/9/2/sri-lankas-gotabaya-rajapaksa-returns-weeks-after-fleeing-island

If he dares to return to his country even his supporters return to politics, then there is no hope for the Sri Lankan people to get an economic recovery because it is all about collusion and nepotism. Maybe it can be said all the protesters do to be in vain because the current leadership is still affiliated with the previous leader who did not have the intentions to make his country better

[Uruhara]

If we look further back before the economic crisis in Sri Lanka. then we will find a lot of problems and chaos that occurred in the country of Sri Lanka.
like a civil war with a government that lasted a very long time. some even say it takes years or even decades. there is no harmony in citizenship there. or maybe there are parties who deliberately clash between the citizens and the government.
During the civil war, many Sri Lankans tried to escape from Sri Lanka. Most of them migrate illegally via waters to Italy and Australia. In fact, many passengers died on the journey. and his body was thrown into the sea. because the distance traveled by sea to get to Australia can reach 15 days. and to reach italy can take 30 days. So it's a high risk trip. but those who fled from sri lanka have hope of a better life in the country they are going to. and they were very tormented in their own country because the civil war continued at that time.

and it turns out that illegal migration is still happening today. In the past, Sri Lankans fled their country because of the civil war. So today they want to leave Sri Lanka because of the worsening economic crisis.
Bahkan Menurut Angkatan Laut Sri Lanka, jumlah orang yang berusaha kabur dari sri lanka menuju ke Australia menggunakan perahu meningkat drastis tahun ini. jika dilihat dari berdasarkan jumlah orang yang tertangkap oleh Angkatan Laut sri lanka. seperti dapat anda lihat pada gambar berikut ini.

Sourch : Www.bbc.com

[bittraffic]

President Gotabaya Rajapaksa that was forced to resign by the protester has returned back to the country. Since the current President has succeeded in cracking down on protests, most of the Rajapaksa family and its supporters who were in hiding are emboldened to return to public politics.

His return was not expected because the country is suffering because of his misdeeds. Maybe he has gotten assurance from the current government that he would not be persecuted or he might be given a soft landing.

Does it mean now that these brave protesters labored in vain?

Would he be held accountable for mismanaging the country's economy?

https://www.aljazeera.com/news/2022/9/2/sri-lankas-gotabaya-rajapaksa-returns-weeks-after-fleeing-island

If he dares to return to his country even his supporters return to politics, then there is no hope for the Sri Lankan people to get an economic recovery because it is all about collusion and nepotism. Maybe it can be said all the protesters do to be in vain because the current leadership is still affiliated with the previous leader who did not have the intentions to make his country better

It's their time when they started banning fertilizers to be used by the farmers of Sri Lanka and then boastfully announce to the world this is how he will make Sri Lanka richer in the next 5 years.

I wouldn't count the China debt trap they were talking about since the percentage that the Chinese government asks for is too low. But it would be good that thier government allows Chinese investors and businesses to speed up economic activity.

[ginsan]

Sirlanka will survive and I am sure they will emerge as the more powerful state

Did you know Sri Lanka is really battered this year. After being declared bankrupt, the South Asian country's economy continued to decline.
Based on data from the Sri Lanka Department of Statistics released Thursday (15/9/2022), Sri Lanka's GDP growth in the second quarter of 2022 was recorded at -8.4%. The correction was the worst in the last 7 decades.

 This is the second sharpest contraction we have seen. The last one was when Sri Lanka posted negative 16% growth in Q2 2020 due to the Covid-19 pandemic lockdown," said Dimantha Mathew, Head of Research at First Capital, quoted by Reuters .
Source : read here

the government must immediately rise and at least this year they are able to have an impact on recovering from the end of the crisis they experienced.

[Bazzu]

Indeed, the world economy is currently in a slump, but what is happening in Sri Lanka is that the economy is getting worse, because many factors have caused the Sri Lankan economy to slump, starting from corruption, fuel oil being scarce, and so on. But in this case, I personally can only pray that the Sri Lankan economy will recover quickly. and of course this will be a lesson for all of us and an example for us, hopefully we don't experience what happened in Sri Lanka. but I believe that in the future the Sri Lankan economy will recover.