Sri Lanka has defaulted on its debt for the first time in its history as the country struggles with its worst financial crisis in more than 70 years. The governor of Sri Lanka’s central bank said the country was now in a “pre-emptive default”. Defaults happen when governments are unable to meet some or all of their debt payments to creditors. It can damage a country’s reputation, making it harder to borrow the money it needs on international markets, which can further damage confidence in its currency and economy. Do you think Sri Lanka needs serious financial reforms ?

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