President Gotabaya Rajapaksa was forced to impose an economic emergency on 31 August to contain soaring food inflation, and currency devaluation and forex reserves crisis.
New Delhi: Sri Lanka has been hit by a serious economic emergency even as it struggles to tackle the Covid-19 pandemic.
Dwindling foreign exchange reserves, a sinking currency and soaring food inflation have come together to create a crisis which is unprecedented even by the record of the island nation that was torn by civil war for decades.
The surge in food prices and a real fear of hoarding of essential food items was the last straw that forced President Gotabaya Rajapaksa to impose the economic emergency on 31 August under the public security ordinance.
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