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Sri Lanka Victimised by China’s ‘Debt Trap’ – TimesNow

The recession is attributed to foreign exchange shortages caused by the clampdown on tourism during the Covid-19 pandemic

Sri Lanka
People shout slogans against Sri Lanka's president Gotabaya Rajapaksa. J.P. Morgan analysts estimate that Sri Lanka's gross debt servicing costs will amount to $7 billion this year, with a $1 billion repayment due in July. Photo: Reuters


Sri Lanka’s economy has been upended by China’s “debt-trap diplomacy”, India’s TimesNow reported, citing its worst economic crisis since gaining independence in 1948.

Foreign exchange shortages, caused in part by the clampdown on tourism during the Covid-19 pandemic, has left the country unable to buy enough fuel, with people facing acute scarcity of food and basic necessities.

Read the full report: TimesNow



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George Russell

George Russell is a freelance writer and editor based in Hong Kong who has lived in Asia since 1996. His work has been published in the Financial Times, The Wall Street Journal, Bloomberg, New York Post, Variety, Forbes and the South China Morning Post.


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