Sri Lankan economy 'completely collapsed', Prime Minister says

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Sri Lanka's Prime Minister says its debt-laden economy has "collapsed" after months of shortages of food, fuel and electricity. 

 

Ranil Wickremesinghe told parliament the South Asian country is "facing a far more serious situation beyond the mere shortages of fuel, gas, electricity and food".

 

"Our economy has completely collapsed," he said.

 

(more)

 

https://www.abc.net.au/news/2022-06-22/sri-lanka-economy-collapses/101175560

 

 

 

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Some of this collapse is due to China which was all too willing to finance an obviously corrupt project to build a second port in Sri Lanka. Ultimately, when Sri Lanka couldn't service the debt, Chine got not only the port, but a huge expanse of land around the port on a 99 year lease. Of course, this tactic of the Chinese to exploit corrupt governments for its own benefit isn't limited only to Sri Lanka.