Sri Lankan economic crisis (2019–2024)
The Sri Lankan economic crisis was an economic crisis in Sri Lanka that began in 2019 and ended in 2024. President Ranil Wickremasinghe is credited to this recovery. It was the island country's worst economic crisis since its independence in 1948. It had led to unprecedented levels of inflation, near-depletion of foreign exchange reserves, shortages of medical supplies, and an increase in prices of basic commodities. The crisis is said to have begun due to multiple compounding factors like tax cuts, money creation, a nationwide policy to shift to organic or biological farming, the 2019 Sri Lanka Easter bombings, and the impact of the COVID-19 pandemic in Sri Lanka. The subsequent economic hardships resulted in mass protests known as the Aragalaya. However, due to a credit line of $4 billion provided by the Indian government, the foreign currency reserves of Sri Lanka improved and reached $2.7 billion. Sri Lanka had been earmarked for sovereign default, as the remaining foreign exchange...
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