Sri Lanka’s political turmoil risks derailing the economy further | Daily FT

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Daily Financial Times

By Anushka Wijesinha Sri Lanka is facing unprecedented political turmoil, and with the economy in a tailspin it is in its weakest state in decades. The country is staring down the barrel of a sovereign debt default and is exposed to external shocks. Usable foreign exchange reserves are at just a few weeks of imports (estimated at below $ 200 million), and there are shortages of fuel, gas and electricity. Banks and businesses are short of dollars for trade transactions and households are struggling to get basic food items. President Gotabaya Rajapaksa announced his request for support from the …

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