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Explainer: Why Sri Lanka's economy collapsed & what's next

Times of India LogoTimes of India1w ago

Explainer: Why Sri Lanka's economy collapsed & what's next

Quick Summary

Sri Lanka's prime minister says the island nation's debt-laden economy has "collapsed” as it runs out of money to pay for food and fuel.

Short of cash to pay for imports of such necessities and already defaulting on its debt, it is seeking help from neighbouring India and China and from the International Monetary Fund (IMF).

The UN World Food Program says nearly nine of 10 families are skipping meals or otherwise skimping to stretch out their food, while 3 million are receiving emergency humanitarian aid.


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Article Details

Author / Journalist: AP

Category: Economy

Topics: Sri lanka economic crisis Sri lanka economy Sri lanka economy crisis Sri lanka economy collapse Sri lanka crisis

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2022-06-23, 18:25:01

News Timezone: GMT +5:00

News Source URL: timesofindia.indiatimes.com

Language: English

Reading Time: 5 minutes read

Article Length: 867 words

Coverage Area: India

Availability: Desktop Web, Mobile Web

News ID: 5794

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About Times of India

Times of India Logo

Main Topics: Economy

Official Website: timesofindia.indiatimes.com

Update Frequency: 8 posts per day

Year Established: 1838

Headquarters: India

News Last Updated: 3h ago

Coverage Areas: India

Ownership: Independent Company

Publication Timezone: GMT +5:00

News Language: English

RSS Feed: Available (XML)

Website Security: Secure (HTTPS)

Publisher ID: #28

Publisher Details

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