Sri Lanka Economic Crisis is Getting Worse

[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.

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[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.