Quote from: TheCoinGrabber on Today at 02:38:44 PM

Quote from: istiak2277 on April 15, 2022, 04:15:19 PM

Quote from: TheCoinGrabber on April 15, 2022, 04:05:47 PM

I'm assuming they weren't self-sufficient with food to begin with and I bet they didn't even increased imports beforehand to enlarge their buffer stock. Clearly the problem when strong men politicians make rules based on their "preferences" without having it pass through studies first is that the project bombs.

I have heard that their PM didn't consult with his cabinet members before taking such decision. Because of his arrogance food production in sri lanka cut to half that year and they had to import a large quantity of food because of food shortages. That further suck their already fast falling reserve. Now they are asking other country to do trade with their native currency which i am sure many won't agree with.

Which is really sad. Each time I see news about it (mostly just WION though, I don't see my other recommendations mention it) it seems it's getting worse. I hope this become a cautionary tale for many nations to be more fiscally responsible. It was said Sri Lanka have a large trade deficit to begin with, losing all the tourism money coz of the coof and now having to import more food is just making it worse.

Though I'm sure there's government corruption involved in all these. For example, who else would take out a loan to build a port only to have it seized coz it turns out you can't pay for said port? Someone got rich.

Yes, when leaders fall in corruption country become this way! Present monetary situation in Sri Lanka brought about by external and internal shocks. There's government corruption engaged with all these, no hesitate to say government is incompetent and corrupt. It's also uncommon that dollar to enter Sri Lanka on the grounds that there are no foreign investors because of their spoiled system of government.