Sri Lanka is on fire due to wrong policies..!?

In neighboring sri lanka, due to the economic crisis, the people's protest, which had been smoldering for a few months, erupted on a large scale the day before yesterday. The protesters entered the heavily guarded presidential palace in the capital Colombo, looted the goods, and engaged in the rampage. But, just before that, President Gotabaya Rajapakse left the mansion. He is believed to have escaped abroad in a private plane or ship with his family. He has also said that he will resign on the 13th. Since last year, 2010, the foreign debt of the Sri Lankan government has increased sharply.
In 2019, the level of foreign debt reached 88 percent of the country's GDP. In this situation, in 2020, the number of tourists coming to sri lanka decreased completely due to the spread of the coronavirus in many countries, and a curfew was imposed. In addition, the Sri Lankan government immediately banned the use of chemical fertilizers in the agricultural sector and ordered the promotion of organic farming. This also had a significant impact on food production.The chancellor did not accept the idea of 'gradually reducing the use of chemical fertilizers. Due to these issues, sri lanka, a country with a population of 2.2 crore, has experienced a shortage of foreign exchange, affecting imports of fuel, foodstuffs, and pharmaceuticals. people were forced to buy all these at high prices. Also, due to the scarcity of fuel, people were forced to stand in long queues to buy them. Also, frequent power cuts are in effect. The Sri Lankan government has to pay hundreds of crores to some countries as arrears only for the import of petrol and diesel.
In the last month, Sri Lanka's economic inflation increased to 54.6 percent. It is feared that it may cross 70 percent in the coming months. The current debt of the government of sri lanka has reached 52 thousand 500 crores. In total, the government has gone bankrupt. Due to the increase in inflation, 60 lakh people in sri lanka are currently in a situation of food insecurity, according to a report released by the UN Council recently.If change is to happen in sri lanka, which is currently on fire, agricultural production must be increased. The use of chemical fertilizers should not be completely eliminated, but a certain percentage should be allowed. New farm technologies should be introduced so that farmers can get more income. Apart from this, employment in non-agricultural sectors should be increased.In particular, it should attract more investments in the tourism sector. When internationally famous companies build more hotels and resorts, many tourists come to Sri Lanka. Through them, the income of the Sri Lankan people will increase. Apart from this, several other measures were to be taken on a wartime basis, including the rescheduling of foreign loan repayments. Sri Lanka's economic crisis will be reduced only if all these are done. Although all these reforms cannot be completed in one day, by doing them step by step, we can reduce the suffering of the people and create peace in the country. The world expects that the newly inaugurated all-party government should do this.

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sri lanka crisis

Sowmiya Sriram

11/07/2022 06:46 PM