Debt Trap and Demystifying the Sri Lankan Crisis

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Sri Lanka is facing one of its worst economic crises in recent decades, with skyrocketing inflation and weak government finances. Sri Lankans are dealing with shortage of essentials, leading to debilitating power cuts lasting up to 13 hours. The ongoing 2021-2022 Sri-Lankan economic crisis is characterized by economic mismanagement, a rise in external debt, depleting foreign exchange reserves, a turmoil political system as well as events like Easter bombings in 2019, and impact of COVID-19 pandemic. Given the manufacturing of narratives in present times, a dominant explanation for the crisis in the mainstream media centers around the so-called debt crisis that China is accused of having set for Sri Lanka.