Sri Lanka Economic Crisis is Getting 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.

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[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.