“Sri Lanka is in a death spiral”

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Sri Lanka is in a “death spiral”, says world-renowned economist Steve H. Hanke, a professor of applied economics, at Johns Hopkins University in Baltimore.

He has analysed that the annual inflation in the country has risen to a staggering 122%.

Hanke pointed out that the situation in the crisis-struck nation is “so bad even the International Monetary Fund (IMF) has refused to offer a bailout loan.”

He revealed that Sri Lanka had joined 16 IMF programmes but none of them was successful.