Sri Lankan economic crisis .....πŸ™‚

 The Sri Lankan economic crisis is an ongoing crisis in Sri Lanka that started in 2019. It is the country's worst economic crisis since its independence in 1948.It has led to unprecedented levels of inflation, near-depletion of foreign exchange reserves, shortages of medical supplies, and an increase in prices of basic commodities.The crisis is said to have begun due to multiple compounding factors like tax cuts, money creation, a nationwide policy to shift to organic or biological farming, the 2019 Sri Lanka Easter bombings, and the impact of the COVID-19 pandemic in Sri Lanka. The subsequent economic hardships resulted in the 2022 Sri Lankan protests. Sri Lanka received a lifeline in the form of an Indian line of credit amounting to $4 billion. This substantial credit infusion served to cover the costs of importing essential goods and fuel. As a result, the foreign currency reserves of debt-ridden Sri Lanka experienced a notable improvement, reaching $2.69 billion.



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