Over the years, Sri Lanka had built up a huge amount of debt – last month, it became the first country in the Asia Pacific region in 20 years to default on foreign debt. Sri Lanka is in the midst of a deep and unprecedented economic crisis that has sparked huge protests and seen its president quit after fleeing the country – but other countries could be at risk of similar troubles, according to the head of the International Monetary Fund. Sri Lanka is struggling to pay for crucial imports like food, fuel and medicine for its 22 million people, as it battles a foreign exchange crisis. Inflation has soared about 50%, with food prices 80% higher than a year ago. What should other nations learn from Sri Lanka crisis?
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