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Sri Lanka leader proposes plan to rebuild bankrupt economy by 2048

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Wed, 2022-08-03 15:53

COLOMBO: Sri Lanka’s president announced on Wednesday a national policy to rebuild the bankrupt economy by 2048, at a time when rampant food inflation and chronic shortages are making daily life a battle for millions of the country’s citizens.

The south Asian nation is bankrupt and in April suspended repayments on its $51 billion foreign loans, as the inflation rate continued to soar. It surged to a record 60.8 percent in July, with a 90.9 percent climb in food inflation, according to government data.

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