But the economic collapse that has gripped the country in recent months has led to its worst crisis since independence in 1948. It has led to a breakdown in law and order, which at the weekend saw a mob torch the home of Prime Minister Ranil Wickremesinghe. Both he and President Gotabaya Rajapaksa are in hiding and have agreed to step down to facilitate a “peaceful transition of power”. Runaway inflation caused in part by economic mismanagement, combined with the impact of the Covid pandemic and the war in Ukraine on food and energy prices, have brought Sri Lanka to the brink of bankruptcy. Recently, the central bank defaulted on the national debt for the first time, requiring the intervention of the International Monetary Fund, which has not yet been settled. Meanwhile, Sri Lanka cannot get credit for imports and there are shortages of food, fuel, medicine and other basic goods. Much of the blame lies with the Rajapaksa family, Sri Lanka’s most powerful political dynasty, whose members have been accused of corruption and incompetence. Many Britons will have visited Sri Lanka and enjoyed its history and welcoming people. There is also a significant expat community in the UK. It is painful to see the mess it is in now, brought to its knees by a financial crisis that should be a salutary lesson for us all.
