What was once a thriving nation with economic potential, an educated population and beautiful scenery, seems to now be suffering from the worst economic crisis in modern history. Sri Lanka has found itself in a predicament worse than what it could ever have predicted. With cracks in its domestic economic policies coupled with the external shocks that hit the country, what lessons can the international community gain?
On July 5, 2022, Prime Minister Ranil Wickremesinghe declared that Sri Lanka was bankrupt. Days later, protesters stormed his office as well as former President Gotabaya Rajapaksa’s, forcing him to flee and eventually resign. What did the government do to attract the ire of Sri Lankans? How did a vibrant trading and tourism hub become a failed state? Ryan from The IAS Gazette investigates the series of unfortunate events that led to Sri Lanka’s economic crisis.
Sept 5: Colombia and Venezuela restore full diplomatic relations, The United Nations (UN) releases long-awaited report confirming allegations of abuse in Xinjiang, Russia’s Gazprom indefinitely suspends natural gas flows.
August 15: Once-fallen Samsung heir Lee Jae-yong is set to be pardoned, the South Korean Justice Ministry announced on Friday (Aug 12), Endorsing Finland and Sweden’s bid to join NATO, US President Joe Biden signed documents signed an “instrument of ratification” on Tuesday (Aug 9), US Department of Homeland Security scraps “Remain in Mexico” policy after Supreme Court ruling last Monday (Aug 8).
August 1: Venezuela and Colombia jointly declares re-establishment of diplomatic ties, Ukrainian President Zelenskiy calls for more sanctions on Russia amidst their bid to cut gas supplies, Iran announces it has new ideas on restoring 2015 nuclear deal
July 25: China vowed on Tuesday (July 19) to respond if US House Speaker Nancy Pelosi visits Taiwan, The European Central Bank hikes rates for the first time in 11 years last Tuesday (July 19), Sri Lanka Establishment PM Ranil Wickremesinghe has been elected by parliament to serve as interim president last Wednesday (July 20).
July 11: UK Prime Minister Boris Johnson announced last Thursday (July 7) that he would step down from his position after losing support from fellow ministers and lawmakers, Seven people were killed and dozens more were injured after a gunman opened fire on a 4th of July parade in Highland Park, Illinois, on Monday (July 4), Japan’s former and longest-serving Prime Minister Shinzo Abe was pronounced dead last Friday (July 8) after being shot while delivering an election campaign speech in the southern Japanese city of Nara.
China’s ambitious Belt and Road Initiative can bring good fortune to countries it steps foot in, but leaders must also be wary of dead ends they may find difficult to navigate out of.
The IAS Gazette is a news site run by undergraduates from the Singapore Institute of Management’s International Affairs Society (IAS). Founded in 2018, it traces its roots to The Capital, a now defunct bimonthly magazine previously under the IAS.
