Reason of Sri lanka Crisis: How much China is responsible for this plight of Sri Lanka,know in 5 Points due to economic crisis in Sri Lanka.
Why is China’s debt policy to blame for this? In South Asia Region, all the countries that China has implicated in its debt traps are getting the same speed.
Sri Lanka Crisis Reason: Sri Lanka is going through its worst phase after independence. The economic system of this country has completely collapsed. The Govt has failed to meet the basic needs and facilities of the people. From petrol ,diesel to milk and other food items have become so expensive that people are unable to buy this. This island is famous in the world for tourism, has been financially devastated. The situation is so bad that after independence, once again Sri Lanka is on the verge of civil war situation. In such a situation it has become useful to know who is responsible for this situation in Sri Lanka. How much is the ruling party blame for this situation?
What are the five reasons for Sri Lanka’s economic crisis. What’s Expert opinion in these matters.
Demonstration by entering the official residence of the Sri lanka President’s.The Violent protests are going in different parts of the country. The Sri Lanka protests are protesting by entering the official residence of the President. The people of Sri Lanka are blaming the monarchy for this. Meanwhile the , Sri Lanka President Gotabaya Rajapakse has announced his resignation on Saturday. He will resign on July 13. After a weeks of simmering anger finally erupted, the protests turned violent and shook the foundation of the Govt. Sri Lanka with a population of 20 millions is going through this financial and political crisis . The prices of basic commodities are too high due to inflation in this country, which is currently facing the worst economic situation since after independence in 1948.
1– Foreign affairs expert Prof Harsh V Pant says that the proximity of China is also a biggest reason for this situation of Sri Lanka Country . He told that this cannot be denied. The proximity of China has weighed heavily on Sri Lanka. China strategy is such that in countries where it has increased its investments, political and economic instability has increased rapidly. He said that Pakistan and Sri Lanka are shining E.g of this crisis. He stressed that our neighboring Pakistan Country is also moving in the same direction. He said that the economic condition of Pakistan is not so good. Prof Pant said that Sri Lanka made a strategic mistake of going with China.
2- Prof Pant says that this crisis in Sri Lanka is not the result of a day. It was flourishing for many years. One of the reason is also the wrong management of the central Government. Over the past decade, Sri Lankan Govt have borrowed large sums of money from abroad and other Countries for public services. He said that apart from rising debt, many other reasons hit the economy of the country. He said that this includes natural calamities and man-made devastation. The political crisis in Sri Lanka in 2018 made things worst. The country economy did not get a chance to recover due to the constitutional crisis arising in Sri Lanka Country.
3- Prof Pant said that the tourism industry has also been a big reason for this condition of Sri Lanka. In fact, in April 2019, there were 253 casualties of People’s in Easter bombings at various churches in Colombo. After this incident, there has been a sharp decline in the No of tourists in the country. Foreign tourists have started shying away from visiting Sri Lanka since the year of 2019. This affected its foreign exchange reserves. The tourism industry’s account’s for 10% of GDP of Sri Lanka. In such situation, Sri Lanka’s tourism industry has been completely destroyed.
4– Prof Pant said that in the year 2019 there was a change in power in Sri Lanka. Gotabaya Rajapaksa’s Govt in its election campaign’s promised lower tax rates and wider concessions for farmers. The fulfillment of these illogical and irrational promises only made the problem worse. In the year 2020, the global corona pandemic made this problem worse. This pandemic broke the backbone of the country’s economy. Exports of tea, rubber, spices and clothing suffered heavy losses.
Apart from this, in the year 2021, the Govt completely banned all fertilizer imports and announced to make Sri Lanka a country with 100% organic farming overnight. This experiment of moving towards organic fertilizers overnight seriously affected food production. As the result, Sri Lankan President declared an economic emergency in the country to control rising food prices, persistent depreciation of the currency and rapidly depleting foreign exchange reserves. This decision had an impact on the economy.
0 Comments