The South Asian island nation of Sri Lanka is now mired in dire economic straits. The country's foreign exchange reserves stood at just 2 billion dollar, but this month they will have to repay 7 billion dollar in foreign debt. In this situation, due to lack of foreign currency, they are not able to import anything they need from abroad. The country is facing a massive power crisis due to its failure to import fuel. Failing to import paper, the country's education ministry has announced a halt to all examinations. The prices of daily necessities have skyrocketed. As a result, ordinary people in the country are now taking to the streets to protest against the ruling government. Basically the country has now become a stagnant state.
Experts blame the country's long-running power grab on a family, failed mega-projects with huge loans from abroad, misguided government policies, and the collapse of the Corona-era country's economy.
Bangladesh recently lent them a total of 25 million dollar to help them overcome their economic woes. Which was payable in easy installments. But despite their failure to repay the loan within the stipulated time, they want another loan from Bangladesh. But the Bangladesh government refuses to lend again amid uncertainty over repayment of previous loans. Bangladesh is a developing country. So it is very important to be careful about lending.
444.152 SRY