Sri Lanka is drowning in an abyss of deepening financial and humanitarian crisis. The island nation is feared to go bankrupt this year with inflation scaling record high, food prices increasing and pandemic-induced disruptions that are driving its coffers dry.
Sri Lanka needs to repay an estimated $7.3 billion in domestic and foreign loans in the next 1 year, says a report by the British Newspaper Guardian. This price includes a $500 million international sovereign bond repayment due in January. It said that as of November, the available foreign currency reserves were only $1.6 billion.
