Wednesday, June 29, 2022
IndiaSri Lanka Declares Bankruptcy Know how much debt taken?

Sri Lanka Declares Bankruptcy Know how much debt taken?

Sri Lanka Economic Crisis: The economic situation of neighboring Sri Lanka is deteriorating. Total debt to Sri Lanka has increased by $ 16 billion in one year.

Sri Lanka’s economic crisis: The economic crisis in neighboring Sri Lanka continues to escalate. Sri Lanka is currently facing the biggest economic crisis since independence.

Sri Lanka has taken a big decision during this difficult period and declared their country bankrupt. Sri Lanka has declared that it will not be able to repay the International Monetary Fund’s $ 51 billion foreign debt.

Information provided by the Ministry of Finance

Within a year, Sri Lanka’s total debt had increased by $ 16 billion. As of April 2021, Sri Lanka’s total debt was $ 3500 million. This is up from $ 5100 million in April this year.

In this context, the Sri Lankan Ministry of Finance has announced that all lending institutions, including foreign governments, which have lent to the South Asian country of Sri Lanka, can choose to convert any of their interest payments into cash or pay in Sri Lankan Rupees from Tuesday afternoon.

What are credit details?

Now you can see the details of how much Sri Lanka has borrowed from whom. Sri Lanka has borrowed about 15 percent from China. In addition, 47% of the market is borrowed.

Sri Lanka borrows 13 percent from the Asian Development Bank, 10 percent from the World Bank, 10 percent from Japan, 2 percent from neighboring India and 3 percent from elsewhere.

The Sri Lankan government was the first to borrow from many sources. But now, when it comes time to repay, there is nothing left in its treasury. People in Sri Lanka are suffering on the streets. The opposition is in favor of the people. In this situation, the position of the ruling party has deteriorated.

Read More | India will face Economic Crisis like Sri Lanka is it Possible?

Sri Lanka at its worst since independence

The pace of economic growth in Sri Lanka was much faster than in India two years ago. In 2020, Sri Lanka’s per capita income was $ 4053 per year at market exchange rate and $ 13,537 per year in terms of purchasing power parity. That is, these levels were much higher than in India at that time.

According to the Human Resource Development Report, Sri Lanka’s position in 2020 was better than that of India. Sri Lanka was ranked 72nd in the United Nations Human Resource Development Report 2020, while India was ranked 131st. But after that time, the environment changed everything. Sri Lanka became completely entangled in a little bit of debt borrowed from China. Today Sri Lanka is facing the worst economic crisis and has gone bankrupt.

Covid India Active Cases

Total active cases
Updated on June 28, 2022 8:56 pm Protection Status

Related Stories

Trending Stories

Shah Rukh Khan completed 30 years in Bollywood, these films made ‘King of Romance’

Shah Rukh Khan and Deewangi are names of each other. Shah Rukh Khan craze is seen not only in Bollywood fans, but all over...

Triumph Trident 660’s 2022 launched, Features, Price On Road, Booking

British automaker Triumph has launched the 2022 version of its Trident 660 bike in India. The company launched it worldwide only last month. The motorcycle...

G-7 Summit: Accusation of harming environment on poor countries wrong: Modi

Prime Minister Narendra Modi, who arrived in Germany to attend the G-7 summit , addressed a session on climate, energy and health at the...

Priyanka Chopra Reveals “challenging to leave India & Settle to America” Talks about Indian...

Desi girl Priyanka Chopra has made her mark on foreign soil. Priyanka, who has shown her talent in the field of acting and production,...

53 year old woman studied secretly, found success after 37 years of leaving school

'There is no age for reading and learning', this proverb fits perfectly on the 53-year-old Kalpana Achyut, who hails from Maharashtra . Kalpana has recently...

Recently Popular

Zelensky Warns Russian Forces could Attack NATO Member Countries

Ukrainian President Zelensky has warned NATO that Russia has launched an offensive near the Polish...

Kerala Red alert to Idukki and Ernakulam prone to extremely heavy rains

Trivandrum: A red alert has been issued for heavy rains in Ernakulam and Idukki districts of...

Rashmika Mandanna & Varun Dhawan Dancing on Vijay’s ‘Arabic Kuthu’ song from BEAST Movie

Leading South actress Rashmika Mandana & Bollywood star Varun Dhawan has danced to the Arabic...

iPhone Flip, Foldable Phones to Launch Soon in Market Apple will give tough competition to Samsung

Apple Foldable, Flip Smartphone: There is heart-warming news for the fans of Apple. As soon...

Centre reduced excise duty petrol price by Rs 9.5/litre, diesel by Rs 7/litre

New Delhi: Petrol & Diesel prices drop for per litre Rs.9.5, Rs.7 Centre excise duty...

India Getting Ready To Be On Top leading Country in 25 years says Nirmala Sitharaman

On the occasion of the 75th Independence Day of the country, 75 digital banks will...

Recommended Stories

Trending Now