Mon, 9 May 2022
After a thirty year civil war, Sri Lanka rebuilt its economy, with the help of foreign investment. But when the pandemic forced the small island nation to shut its borders, things began to unravel. Now, the war in Ukraine and skyrocketing food and fuel prices are pushing the country into deeper economic turmoil, political unrest, and violence.
Today, Sri Lanka owes a staggering $50 billion to regional neighbors, like China, and international lending institutions, like the World Bank. And it isn’t the only country in this situation. Ray Suarez talks with Washington Post’s Gerry Shih, and Asanga Abeyagoonasekera, a Sri Lankan geopolitical analyst, to understand why–and how–nations like Sri Lanka accumulate foreign debt, what it means for everyday citizens …and why it can be so hard to pay back.
Gerry Shih, India bureau chief, Washington Post
Asanga Abeyagoonasekera, senior fellow at the Millenium Project
Ray Suarez, co-host of WorldAffairs