EXPLAINER: Why Sri Lanka’s economy collapsed and what’s next | app

COLOMBO, Sri Lanka (AP) — Sri Lankan Prime Minister says the island nation’s debt-ridden economy has ‘collapsed’ because he lacks money to pay for food and fuel. Short of cash to pay for imports of these basic necessities and already defaulting on his debt, he is seeking help from neighboring India and China and the International Monetary Fund.

Prime Minister Ranil Wickremesinghe, who took office in Mayunderscored the monumental task he faces to turn around an economy he says is headed for “bottom bottom.”

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