The former President of Sri Lanka, Gotabaya Rajapaksa, departed for the United States on Monday with his family, as per local media reports. Due to the nation’s economic catastrophe and protests, Gotabaya Rajapaksa was pushed from power earlier this year.
While it waits for the International Monetary Fund (IMF) to formally approve a USD 2.9 billion bailout plan, Sri Lanka is now experiencing an economic crisis.
Staff-level negotiations between the IMF and Sri Lanka resulted in an agreement to support the nation’s economic policies for a period of 48 months.
Sri Lanka made its first-ever debt default earlier this year as a result of insufficient foreign reserves at its central bank and a loss of access to global financial markets.
The country, which is largely dependent on its tourism industry, is experiencing an economic crisis as a result of restrictions on the import of chemical fertiliser, the abrupt floating of the Sri Lankan rupee, and the Covid epidemic.
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