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West Keeps Mum On Sri Lanka Crisis: Is It Time To Rearrange Our Priorities?

Vikas DeshwalJuly 13, 20220

Last week, many protesters entered the presidential palace in Sri Lanka's capital Colombo. President Gotabaya Rajapaksa declared that he would leave his office on July 13, and Ranil Wickremesinghe said he would also resign from his post of Prime Minister. Sri Lanka island nation of 22 million citizens faces record-high inflations and shortages of grains, fuel, food, and medicine, and all people of Sri Lanka face great difficulty. The Sri Lankan administration had declared bankruptcy, becoming the first nation to non-payment on its foreign reserve this century.  Recently, Sri Lanka has become a middle-to-high-income nation in South Asia. Still, today Colombo faced its worst time, resulting from a mixture of internal and external problems. The two major external points are the COVI

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Sri Lanka Crisis: Learn How Identity Politics, Linguistic Disempowerment Lead To Disaster

Pooja YadavMay 13, 20220

The origins of the linguistic disenfranchisement of the Tamils owed partly to the appeasement of the Buddhist clergy, which is nearly exclusively Sinhala. It not only caused the alienation of the Tamil-speaking population but led to the formation of the LTTE, a terrorist organisation, and a war. The Liberation Tigers of Tamil Eelam were finally vanquished, but it took over two-and-a-half decades for the Sri Lankan state to realize this. In the meanwhile, there was an exodus of Tamils, the better-off leaving for the West and, those that could escape, heading for Madras. With the Tamils having had a big presence within the professions, the country experienced a loss of experience in most spheres. The impact of a loss of technical expertise on an economy is slow and infrequently i...

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Sri Lanka Crisis: Factors Behind Triggering A Historic Depression

Pooja YadavMay 13, 20220

Sri Lanka has been in the news such a lot recently that its current woes are the things of popular knowledge. The acute deprivation caused to its people thanks to the absence of their staple food at a reasonable price within the market and therefore the shortage of petrol at the pump is evident. The Covid-19 Pandemic that put the entire tourism industry on hold which was the beauty of Sri Lanka. As far as the percentage is concerned, It accounted for 10% of Sri Lanka’s GDP. This led to a dip in the forex reserve (from $7.5 billion in 2019 to $2.8 billion in July 2021). High debt resulting from other sources of revenue led to high cost in importing of essential items, including food. A depreciated currency, high dependence on imports and hoarding led to a steep rise in food ...

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Sri Lanka Crisis: How Country’s Balance Of Payments Problem Played A Major Role In Toppling Its Economy

Pooja YadavMay 12, 20220

Sri Lanka has been in the news such a lot lately that its current woes are the things of popular knowledge. Everyone can see the intense deprivation caused to its people thanks to the absence of their staple food at an inexpensive price within the market and therefore the shortage of petrol at the pump. Those with even a modicum of data on economics can trace it back to the dwindling interchange reserves which are needed not only to import food but also to service external debt. The Sri Lankan economy has been facing a crisis due to a heavy Balance of Payments (BoP) problem. Its exchange reserves are depleting rapidly and it's becoming increasingly difficult for the country to import essential consumer goods. The current Sri Lankan financial condition is the product of ...

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