Sri Lanka Economic Crisis is Getting Worse

[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.

[1714196048]

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[1714196048]

1714196048

[1714196048]

1714196048

[1714196048]

1714196048

[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.