As public anger about Sri Lanka’s economic collapse leads to the downfall of the government, HelpAge reflects on what needs to be done to empower the country’s older people and protect them during the current crisis.
As public anger about Sri Lanka’s economic collapse leads to the downfall of the government, HelpAge reflects on what needs to be done to empower the country’s older people and protect them during the current crisis. Sri Lanka is facing its worst economic crisis in 70 years. First the COVID-19 pandemic and then the Ukraine war hurt the economy creating higher import bills for fuel and food leading to double-digit inflation and a depreciation of the rupee against the US$. These external blows aggravated an already difficult situation following a thirty-year civil conflict, excessive foreign borrowing for low return infrastructure projects, and rising external debt. Sri Lanka’s economic collapse badly affects older people’s income security. © Shutterstock The country is experiencing exponential inflation growth – soaring from 39.1% in May of this year to 54.6% by June, according to the Colombo Consumer Price Index (CCPI) – and the prices of consumer goods are going through the roof. In that same one-month period, food inflation increased from 57.4% to a staggering 80.1%. This situation has been compounded by a high dependence on imports for essential food, fuel and pharmaceutical items. Because of the collapsing economy, the supply of such goods has become very limited and extremely rationed.
Essentials are scarced in Sri Lanka due to the economic crisis. © HelpAge Sri Lanka
By Samantha Liyanawaduge, Executive Director, HelpAge Sri Lanka
HelpAge International PO Box 78840 London SE1 6QR United Kingdom
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