The chaos in Sri Lanka has deepened after the country’s president, Gotabaya Rajapaksa, fled to the Maldives. It is thought likely he will also resign under pressure from the Sri Lankan people who are blaming the country’s deep economic crisis on mismanagement and corruption among Sri Lanka’s political elites. The main problems facing Sri Lanka are a result of economic mismanagement and corruption. In 2017, when Sri Lanka failed on its loan repayment for the US$1.1 billion (£920 million) Hambantota port development on Sri Lanka’s southern coast, it was forced to sign the port – and thousands of acres of land around it – over on a 99-year lease. Beijing should also take some responsibility for Sri Lanka’s dire financial straits.

Source: Daily Nation July 14, 2022 12:36 UTC