EXPLAINER: Why Sri Lanka's economy collapsed and what's next
by Krishan Francis and Elaine Kurtenbach

The Associated Press    Translate This Article
11 July 2022

On 11 July 2022 The Associated Press reported: Sri Lanka's Prime Minister said late last month that the island nation's debt-laden economy had 'collapsed' as it runs out of money to pay for food and fuel. Short of cash to pay for imports of such necessities and already defaulting on its debt, it is seeking help from neighboring India and China and from the International Monetary Fund. Global Good News service views this news as the failure of modern government systems. Such 'flops' highlight the need for more intelligent, evolutionary, Natural Law based, life-supporting systems.

Prime Minister Ranil Wickremesinghe, who took office in May, was emphasizing the monumental task he faced in turning around an economy he said was heading for 'rock bottom.' On Saturday [9 July] both he and President Gotabaya Rajapaksa agreed to resign amid mounting pressure from protesters who stormed both their residences and set fire to one of them.

Sri Lankans are skipping meals as they endure shortages and lining up for hours to try to buy scarce fuel. It's a harsh reality for a country whose economy had been growing quickly, with a growing and comfortable middle class, until the latest crisis deepened

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Global Good News comment:

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Every day Global Good News documents the rise of a better quality of life dawning in the world and highlights the need for introducing Natural Law based—Total Knowledge based—programmes to bring the support of Nature to every individual, raise the quality of life of every society, and create a lasting state of world peace.

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