
Sri Lanka’s economic crisis deepened today, as the finance ministry and governor of the Central Bank announced the government would no longer be able to pay its international debt obligations, effectively defaulting on US$51 billion of foreign debt.
"It has come to a point that making debt payments are challenging and impossible,” the newly appointed Central Bank Governor P. Nandalal Weerasinghe told reporters this morning. “The best action that can be taken is to restructure debt and avoid a hard default."