Sri Lanka and its economy deep down-Sri Lanka crisis

Sri Lanka which is a neighbouring country of India is undergoing a severe economic crisis in terms of its commodities such as oil and other day to day used products that are a shortage in its country.Β 

Apart from Indian tourists, Sri Lanka also imported products such as paper, tea and spices. They also exported products such as tiles and ceramics and machinery parts to India.Β 

Despite having such an active economy, just like the rest of the world’s economy, Sri Lanka lost the power over its reserves due to Covid 19 and the lockdown.

As tourism is the main source of income for Sri Lanka, the spread of the virus curbed it all and tourists stopped visiting Sri Lanka.

Due to this Sri Lanka lost its income and expenditure on imports of products such as fertilizers and food items became higher.Β 

The loss in its income lead to the loss in its foreign dollar reserve and the government was unable to buy even basic needs from other countries.Β 

The local stock of Sri Lanka began to be sold at high prices due to high demand and this is when the crisis began.

Sri Lanka crisis

Effect of the economic crisis on Sri Lankan citizens  

The increase in high prices of local stock has made the life of citizens very difficult as they are unable to buy even milk powder, kerosene oil, petrol, diesel, gas, bread, egg and basic needs that are required to run a daily household.

NMP, a citizen of Sri Lanka said β€œAs there is no fuel, the country went to an extent of having a 14 hour power cut per day and recently there is even a shortage of medical equipments”.

Protestors from different parts of the country have gathered around to protest against their government and President Rajapakse.

Many ministers resigned their posts from the government and the rest are still unsure of how to bring back Sri Lanka’s economy.

In a recent clash between the protestors and the police of the state, several people have been injured and a man dead.

Only the Sri Lankan government can answer how many more lives of innocent citizens are to be sacrificed before the economic crisis is solved.

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