Sri Lankan Crisis
Rationale/Causes
- Debt Trap Diplomacy: It is alleged that China loaned money to Sri Lanka for infrastructure projects (Hambantota Port), and Sri Lanka was unable to repay the loans.
- Fall in Tourism: The rise of the Covid-19 pandemic and Easter bomb blast 2019 led to a fall in tourism revenues, as loss of visitors from three key countries- India, Russia and UK. Tourism earnings fell from $4.4 billion in 2018 to $506.9 million in 2021. Tourism is Sri Lanka's third largest foreign exchange earner.
- Default on Foreign Debt: Most of Sri Lanka's foreign reserves have been depleted due to poor ....
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