Sri Lanka on the brink of bankruptcy: Forex reserves close to zero
- Corona hit tourism and tea exports, the main source of income - Not only Sri Lanka but also Japan, Sudan Lebanon, Italy, Portugal can file for bankruptcy - Greece is the world's first developed country to file for bankruptcy Colombo: As the world watches over Afghanistan's economic situation today, one more of India's neighbors is on the verge of bankruptcy. Sri Lanka, south of India, is currently facing a foreign exchange crisis. The information was given by his finance minister Basil Rajapaksa to his country's parliament on Tuesday. Sri Lanka relies heavily on tourism and tea exports. The spread of the coronavirus has hit its economy hard. In addition to the foreign exchange crisis, Sri Lanka's revenue has been declining while spending has been steadily rising. The Sri Lankan government has borne 50 per cent of the cost of the vaccine. "According to the central bank's data, our country currently has close to zero forex reserves," he said. Ra...