Sri Lanka is nearly bankrupt and has suspended repayment of $7 billion in foreign debt due this year. It must also pay back more than $5 billion every year until 2026. Its foreign reserves are near…
COLOMBO, Sri Lanka — Thousands of students from state universities marched in Sri Lanka’s capital on Monday to demand the president and prime minister resign over an economic crisis that has caused severe shortages of essential supplies and disrupted people’s livelihoods and education.
Sri Lanka is nearly bankrupt and has suspended repayment of $7 billion in foreign debt due this year. It must also pay back more than $5 billion every year until 2026. Its foreign reserves are nearly gone and it is unable to import food, fuel, cooking gas and medicines. A lack of fuel to run power stations has resulted in long daily power cuts.
With that credit also running out, authorities have shut schools and instructed teachers to teach online, and have asked non-essential government employees to work from home for one week to preserve limited stocks of fuel.
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