The reason for the bankruptcy of Sri Lanka

Madhyabindu Online

-Dr. DR Upadhyay,

Currently, the situation in Sri Lanka is worrying. Sri Lanka is in the throes of an economic crisis. At one time, Sri Lanka was one of the leading economies in South Asia in terms of economy, education and health. But now Sri Lanka’s future is in doubt. In Sri Lanka, President Gotabaya Rajapaksa had to flee his official residence. It is because of the dictatorial regime that Sri Lanka has to deal with this. The army chief has called for peace. It is unknown at this time what he will do after leaving the post.

The Rajapaksa government is mainly responsible for bringing the country to this state. Nepal is being compared with Sri Lanka. Some of the government’s actions have raised suspicions. There is a need for timely political leadership and vigilance of the Nepali people. There are various reasons for the bankruptcy of Sri Lanka. There are various reasons including governmental disorder, financial opacity, corruption and familism. Sri Lanka is now bankrupt and unable to open a school. There is concern that Nepal will be like that.

The thinking and behavior of those in power in our country has not changed. Unable to bear the burden of foreign debt, Sri Lanka has gone bankrupt. Sri Lanka had more than 70 percent foreign debt. There was no foreign exchange reserve required to pay it. Sri Lanka could not buy any goods without foreign currency.

The state failed. It is the Rajapaksa family that has been in power for two decades. Kinship, favoritism and familism took over the government. Which made the country a waste. Speaking of our country, the state government is also spending indiscriminately. The nation’s coffers have been misused.

If the arbitrary activities of the federal and state governments continue to increase, then Nepal is sure to follow the path of Sri Lanka. Inflation has risen. No investment has been made in the manufacturing sector. So far, the situation is not dire. Now we have to move forward by correcting the mistakes of the past.