Sri Lanka Central Bank’s report reveals the extent of the economic crisis in the country

According to the BBC’s report, the annual report of the Central Bank, employee salaries, fuel to food in the country’s rising cost of consumer goods is crushed by the said.

Structural weaknesses and policy mistakes triggered the economic crisis that hit the South Asian country, the report said.

“The unsustainable economic model has dragged the country into a multi-faceted disaster,” the report said. expression was used.

Pointing out that the prices of fresh fruit, wheat and eggs have more than doubled, the report underlined that inflation reached almost 70 percent in September.

It was also emphasized that the costs of basic services such as transportation, electricity and water are increasing rapidly.

In the report, it is noted that the country’s economy shrank by 7.8 percent in 2022 and could not pay its foreign debt for the first time since gaining its independence from the United Kingdom in 1948; It was stated that this damaged the country’s reputation in international markets and made it more difficult to borrow money.

In the report, it was stated that the economy will experience another 2 percent contraction in 2023, but this will reverse in 2024 and a 3.3 percent growth is expected, which is above the IMF’s 1.5 percent growth rate.

In 2022, a loan of 600 million dollars was obtained from the World Bank.

It is known that Sri Lanka owes about 7 billion dollars to China and about 1 billion dollars to India.

In February, both countries agreed to restructure their loans, giving Sri Lanka more time to repay it.

The IMF agreed to lend Sri Lanka $3 billion last month. The country received a loan of 600 million dollars from the World Bank in 2022.

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