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Sri Lanka introduces lockdown to save fuels
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BizTech
Sri Lanka introduces lockdown to save fuels
The economic crisis in Sri Lanka has taken yet another turn for the worse. Government officials have ordered a fresh lockdown in the country, shutting down schools and suspending non-essential public services. But it's not because it's trying to prevent an infectious disease from spreading. The country is deliberately paralysing its economy because it's run out of money, so it can't pay for fuel. Sri Lanka is currently in talks with the IMF for a potential bailout worth billions of dollars. But that money's contingent on reforms like higher taxes and spending cuts. For more on Sri Lanka's economy, we spoke to to Professor Guido Cozzi, who teaches macroeconomics at the University of St. Gallen in Switzerland. #SriLanka #SriLankaEconomy #EconomicCrisis
June 22, 2022
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