Hit hard by the pandemic, rising oil prices and populist tax cuts, Sri Lanka's dire economic situation has led to spiralling inflation and shortages of essential supplies

The average ratio of public debt to gross domestic product—a key measure of a country’s fiscal health—rose to a record 67% last year in emerging market countries

The announcement follows news that Sri Lanka has extended a credit line with India by $200 million in order to procure emergency fuel stocks

The UNDP suggested a temporary basic income, in the form of an unconditional cash transfer to working-age Sri Lankans for six to nine months

Chinese developers have $117 billion worth of debt maturing in 2022, with $36 billion denominated in dollars. Some $58 billion is due in the first and second quarter.