Posted BY: Jim Hoft

Sri Lankan President Gotabaya Rajapakse finally declared the country bankrupt following weeks of economic turmoil.

In April Sri Lankan authorities announced a temporary suspension of repayment in all external debts of about $51 billion due to the worsening economic crisis in the country caused by the Covid-19 pandemic and the Ukraine war.

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Sri Lanka’s foreign reserves stood at $1.93 billion last month, but it has around $4 billion in foreign debt payments that are due this year, according to BBC.

Protesters were urging President Rajapaksa to resign back in April.

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