Sri Lanka is poised to default on its foreign debt as the grace period for missed payments expires on Wednesday, with the government scrambling for dollars to top up depleted fuel supplies.
The country said last month it would stop repaying international debt due to an economic and balance of payments crisis that has left it in effect without foreign reserves. It does not have a fully functioning government after President Gotabaya Rajapaksa’s cabinet resigned last week.
Sri Lankans are suffering severe shortages of fuel, food and medicine, with multi-hour power cuts and queues for petrol and diesel. A protest movement has called on Rajapaksa to step down.
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