{"id":143810,"date":"2022-03-21T15:12:39","date_gmt":"2022-03-21T09:42:39","guid":{"rendered":"https:\/\/www.caravanalive.com\/?p=143810"},"modified":"2022-04-06T16:24:06","modified_gmt":"2022-04-06T10:54:06","slug":"war-in-ukraine-crushed-sri-lankas-economy","status":"publish","type":"post","link":"https:\/\/www.caravanalive.com\/?p=143810","title":{"rendered":"War in Ukraine crushed Sri Lanka&#8217;s economy"},"content":{"rendered":"<div class=\"2a6a8c3593e6620bd92d71f585bdd19b\" data-index=\"4\" style=\"float: none; margin:10px 0 10px 0; text-align:center;\">\n<script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-6453632170035383\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<!-- NEW RESPONSIVE -->\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-client=\"ca-pub-6453632170035383\"\r\n     data-ad-slot=\"2960496911\"\r\n     data-ad-format=\"auto\"\r\n     data-full-width-responsive=\"true\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script>\n<\/div>\n<p>Russia&#8217;s war in Ukraine has shocked the world and badly affected the global economy. Sri Lanka is currently facing its worst economic crisis since the country gained independence in 1948.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-143811\" src=\"https:\/\/www.caravanalive.com\/wp-content\/uploads\/2022\/03\/sri-lanka-flag.jpg\" alt=\"\" width=\"820\" height=\"583\" srcset=\"https:\/\/www.caravanalive.com\/wp-content\/uploads\/2022\/03\/sri-lanka-flag.jpg 820w, https:\/\/www.caravanalive.com\/wp-content\/uploads\/2022\/03\/sri-lanka-flag-300x213.jpg 300w, https:\/\/www.caravanalive.com\/wp-content\/uploads\/2022\/03\/sri-lanka-flag-768x546.jpg 768w, https:\/\/www.caravanalive.com\/wp-content\/uploads\/2022\/03\/sri-lanka-flag-450x320.jpg 450w\" sizes=\"auto, (max-width: 820px) 100vw, 820px\" \/><\/p>\n<p>Sri Lanka, hit by rising oil import costs and declining tourism revenues, is racing to avert a default amid dwindling foreign exchange holdings.<\/p>\n<p>Inflation is already the worst in Asia at 15%, with the conflict only making it harder for the tropical island off the southern tip of India.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-143812\" src=\"https:\/\/www.caravanalive.com\/wp-content\/uploads\/2022\/03\/bank.jpg\" alt=\"\" width=\"641\" height=\"441\" srcset=\"https:\/\/www.caravanalive.com\/wp-content\/uploads\/2022\/03\/bank.jpg 641w, https:\/\/www.caravanalive.com\/wp-content\/uploads\/2022\/03\/bank-300x206.jpg 300w, https:\/\/www.caravanalive.com\/wp-content\/uploads\/2022\/03\/bank-450x310.jpg 450w\" sizes=\"auto, (max-width: 641px) 100vw, 641px\" \/><\/p>\n<p>Fuel shortages and blackouts lasting up to seven hours have become a daily routine, while waits become longer at gas stations where prices have risen nearly 50% this month.<\/p>\n<p>&nbsp;<\/p>\n<p>Officials are struggling to cope with the crisis. They have raised interest rates, devalued the local currency, and curbed non-essential imports. But with just $2 billion in foreign exchange reserves and $7 billion in debt payments this year, the battle is getting tougher.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-143814 aligncenter\" src=\"https:\/\/www.caravanalive.com\/wp-content\/uploads\/2022\/03\/md_srilankaoil_17032022.jpg\" alt=\"\" width=\"780\" height=\"520\" srcset=\"https:\/\/www.caravanalive.com\/wp-content\/uploads\/2022\/03\/md_srilankaoil_17032022.jpg 780w, https:\/\/www.caravanalive.com\/wp-content\/uploads\/2022\/03\/md_srilankaoil_17032022-300x200.jpg 300w, https:\/\/www.caravanalive.com\/wp-content\/uploads\/2022\/03\/md_srilankaoil_17032022-768x512.jpg 768w, https:\/\/www.caravanalive.com\/wp-content\/uploads\/2022\/03\/md_srilankaoil_17032022-450x300.jpg 450w\" sizes=\"auto, (max-width: 780px) 100vw, 780px\" \/><\/p>\n<p>The government this week finally abandoned its reluctance to seek help from the International Monetary Fund and President Gotabaya Rajapaksa vowed to meet Sri Lanka&#8217;s obligations. The best way to get out of the crisis is to seek help from the IMF.<\/p>\n<p>&nbsp;<\/p>\n\n<div style=\"font-size: 0px; height: 0px; line-height: 0px; margin: 0; padding: 0; clear: both;\"><\/div>","protected":false},"excerpt":{"rendered":"<p>Russia&#8217;s war in Ukraine has shocked the world and badly affected the global economy. Sri Lanka is currently facing its worst economic crisis since the country gained independence in 1948. Sri Lanka, hit by rising oil import costs and declining tourism revenues, is racing to avert a default amid dwindling foreign exchange holdings. Inflation is [&hellip;]<\/p>\n","protected":false},"author":20,"featured_media":143815,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[{"category_id":1265,"category_link":"https:\/\/www.caravanalive.com\/?cat=1265","category_name":"International"}],"tags":[{"tag_id":3942,"tag_link":"https:\/\/www.caravanalive.com\/?tag=economic-crisis","tag_name":"Economic crisis"},{"tag_id":235,"tag_link":"https:\/\/www.caravanalive.com\/?tag=international-news","tag_name":"International News"},{"tag_id":138,"tag_link":"https:\/\/www.caravanalive.com\/?tag=news","tag_name":"News"},{"tag_id":3943,"tag_link":"https:\/\/www.caravanalive.com\/?tag=rising-oil-price","tag_name":"rising oil price"},{"tag_id":2255,"tag_link":"https:\/\/www.caravanalive.com\/?tag=sri-lanka","tag_name":"Sri Lanka"},{"tag_id":237,"tag_link":"https:\/\/www.caravanalive.com\/?tag=trending","tag_name":"Trending"}],"class_list":["post-143810","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-international","tag-economic-crisis","tag-international-news","tag-news","tag-rising-oil-price","tag-sri-lanka","tag-trending"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.5 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>War in Ukraine crushed Sri Lanka&#039;s economy - Alive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.caravanalive.com\/?p=143810\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"War in Ukraine crushed Sri Lanka&#039;s economy - Alive\" \/>\n<meta property=\"og:description\" content=\"Russia&#8217;s war in Ukraine has shocked the world and badly affected the global economy. Sri Lanka is currently facing its worst economic crisis since the country gained independence in 1948. Sri Lanka, hit by rising oil import costs and declining tourism revenues, is racing to avert a default amid dwindling foreign exchange holdings. 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