Sri Lanka Meltdown Hints at Troubles in Developing World

Sri Lanka’s government is broke and the country is in chaos. Pakistan just received $4 billion in emergency aid from the International Monetary Fund. Ghana has also asked for a rescue package. Protests against rising inflation have erupted from Ecuador to Tunisia.

Financial and political crises are brewing in parts of the developing world, particularly in smaller, low- and middle-income countries that have accumulated foreign currency debt in recent years to weather the pandemic and now find themselves squeezed by rising fuel and food costs the war in Ukraine and higher borrowing costs. Sri Lanka Meltdown Hints at Troubles in Developing World

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