Sri Lanka is in the midst of its largest financial crisis since its 1948 independence from the United Kingdom.There are numerous factors behind Sri Lanka`s ongoing economic crisis such as the COVID-19 effect, dollar crisis, Agri sector crisis, as well as Russia-Ukraine crisis. The primary reason we have to take into consideration is the depletion of foreign reserves. This crisis is due to one economic mismanagement after another by the government. As a result, current and budget deficits have turned into long-term deficits. One of the reasons for the current crisis is the reduction of Rajapaksa taxes during the 2019 election campaign. In addition, foreign exchange reserves fell by about 70 percent and inflation rose.
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