Sri Lanka is facing the double whammy of rising prices and high debt, and its people are bearing the brunt of it as the situation turns increasingly grim.
The South Asian country's tourism dollars dried up due to the pandemic. But even before then, Sri Lanka's debt spiral was already on an unsustainable path, economists said.
"Reserves were built up by borrowing foreign currency funds, rather than through higher earnings from exports of goods and services. This left Sri Lanka highly exposed to external shocks," she said.
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