Skyrocketing inflation! Sri Lanka may go bankrupt

Sri Lanka is currently facing serious financial and humanitarian threats. Here, inflation has gone up to a record level and it is being said that this could lead to bankruptcy in the country. Earlier, on 30th August last year, after the sharp fall in Sri Lankan currency and the rise in food prices, the Government had declared a National Financial Emergency.

According to a report in the Colombo Gazette, Sri Lanka is facing double losses due to a large portion of the past decade. There is a fiscal deficit and the other is a business loss. It may be mentioned that the level of foreign debt to Sri Lanka has also been steadily increasing since 2014. In 2019, the debt reached 42.6 per cent of the country's GDP.

The same inflation figures released by the Advocates Institute here in India are shocking. Inflation has increased by 15 per cent in the last 1 month. Food prices have gone up. According to statistics, the prices of vegetables have gone up here. One kilo of green chillies is currently being sold here at a price of more than Rs 700. The prices have gone up by 28.7 per cent. In addition, the prices of brinjal have gone up by 51 per cent while onion prices have gone up by 40 per cent. Due to a lack of imports, people here are not even getting milk powder.

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