Srilanka has defaulted on its debth and is running out a foreign currency needed to import essential goods like food, medicine and gas. Rising oil prices amid the rushy train conflicts are making the situation worse. The local currency has almost halved value against the dollar in recent months. And inflation is running at 30 % the highest rate in asia.
In recent days, the political crisis in Sri Lanka has reached a critical point, with its president fleeing the country and protesters occupying his residence and office. Today, “The Daily” explores how the island nation, whose economy was once held up as a success story in South Asia, came apart — and why it’s a cautionary tale.
Guest: Emily Schmall, a South Asia correspondent for The New York Times.
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