Reason behind Sri Lanka's Economic crisis..!?

Sri Lanka is in turmoil like a debtor's heart. Essential things skyrocketing, and food shortages and power outages are taking to the streets. As violence erupted, prime minister Rajapaksa had no choice but to resign. The reason for the current problem is the over-provided free, subsidy. sri lanka, the teardrop island under India, is not a nation of producers. Is the nation of consumers.
Most of the goods are imported from abroad. people lived without hunger because all the necessities were available for free or by subsidy. The politicians here have enslaved the people to subsidies. They provided fuel subsidies, fertilizer subsidies, free housing, subsidized drinking water, electricity, free education, and free medical care. These are not given out of affection for people. Waters were provided to reap the votes. Nurtured a generation that did not produce locally. But consumption increased.Politicians would have plundered 10 percent of the country's total debt. The remaining 90 percent is received by people who have enjoyed subsidized goods and services for more than 30 years. If fuel and fertilizer had not been subsidized for the past 25 years, foreign debt would have halved. Any friendly country will no longer hesitate to lend to Sri Lanka. The international Monetary Fund (IMF) has strongly stated that sri lanka should not subsidize imports of fertilizers and fuels. It is necessary to eradicate the bad culture of giving freebies without production. education and health should not be subsidized for anything other than that. The retirement age for government employees should be reduced from 65 to 60. Let everyone pay the right price for what they buy. government companies running at a loss should be shut down or privatized. The current economic downturn is a boon for Sri Lanka. Have a chance to wake up. Inflation helps to get rid of the clutter of being free. people will be pushed to the point of producing survival. Increase domestic productivity and solve the problem of inflation. We have to formulate an economic policy centered on production. Only if we do all this will sri lanka survive. Otherwise, the nation will not be able to wipe away the tears.
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Sowmiya Sriram

13/05/2022 09:48 AM