Sri Lanka: Facing economic crisis, Sri Lanka has expressed inability to repay the debt of other countries. The country has said it will not be able to repay loans from other countries for some time. Sri Lanka’s total debt to other countries is, 5,100 million.
- The economic crisis deepened in Sri Lanka
- Will not be able to repay loans of other countries for some time: Sri Lanka
- Sri Lanka’s total debt to other countries is, 5,100 million
The economic crisis in Sri Lanka is getting worse day by day. Now the troubled country announced on Tuesday that it would not be able to repay the દેશ 5,100 million debt of other countries for a while. The reason is that the country could not get a bailout package from the International Monetary Fund (IMF). The announcement was made by Sri Lankan Treasury Secretary Mahindra Siriwardene on Tuesday.
Ministry of Finance Say This thing
Sri Lanka’s finance ministry has told governments of other countries and other creditors that after Tuesday, they will have to wait for any interest payments or accept payments in Sri Lankan rupees. The Sri Lankan government has said it will continue talks with the IMF on a bailout package. The government has also expressed hope for bilateral cooperation from other countries. Sri Lanka’s new central bank governor Nandalal Veerasinghe said the current capital would be used to import essential commodities.
How many loans were taken from which countries
Sri Lanka’s total external debt (foreign debt) is, 5,100 million. The total debt on the country last year was 500 3,500 million. Thus, in one year, the country’s debt increased to 1, 1,600 million. Sri Lanka has borrowed 47% of its total debt from the debt market. China’s debt is about 15 percent of the country’s total debt. The country has a 13 per cent stake in the Asian Development Bank, 10 per cent in the World Bank, 10 per cent in Japan and 2 per cent in India.
Raising 3 3 billion is a difficult task: Finance Minister
Earlier, Sri Lankan Finance Minister Ali Sabri said that Sri Lanka would need about $ 3 billion over the next six months to ease the supply of fuel and medicines and manage the economic crisis. Sabri took over as Sri Lanka’s finance minister last week. In his first interview as finance minister, Sabri said raising 3 billion was “a daunting task.”
The biggest economic crisis since independence
Sri Lanka is facing its worst economic crisis since gaining independence from the UK in 1948. People have been protesting for weeks over prolonged power cuts and shortages of fuel, food and other daily necessities. They are demanding the resignation of the president.
The post Sri Lanka on the brink of bankruptcy caused billions of rupees to these countries too appeared first on Gujaratmitra Daily Newspaper.
