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SRI LANKA: WHY DID DEFAULT TAKE PLACE IN THE COUNTRY?

The Sri Lankan authorities have announced the suspension of all external debt payments. On April 12, 2022, the head of the Ministry of Finance, Mahinda Sirivardena, stated that the freezing of the country's assets is a forced step necessary to restructure ...

74 countries are at risk of bankruptcy due to the pandemic

... governments have turned to private capital markets to finance their response measures to the pandemic. Only 42 countries received $12.7 billion in aid, according to the Paris Club, which helped to coordinate the project along with the IMF and the World Bank. Sri Lanka is the closest to bankruptcy, according to experts. S&P Global rating agency has recently warned of the country's risk of default in the very near future, downgrading its sovereign bond rating. The deepening financial and humanitarian crisis,...

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