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Sri Lanka defaults on debt for the first time Updated: 2022-05-20 05:27:44 KST

Sri Lanka has defaulted on its debt for the first time, as the country struggles with its worst financial crisis in over 70 years.
This comes after a 30 day grace period, to pay 78 million-US-dollars of unpaid debt interest expired Wednesday.
The country's central bank governor said Thursday that Asia's oldest democracy was now in a (quote) "pre-emptive default".
Last month the island country announced it would stop international debt repayments to conserve dwindling foreign currency reserves.
Plagued by an economic crisis, triggered by the pandemic and Ukraine war, Sri Lanka has also witnessed a 40% inflation rate surge, alongside food, fuel, and medicine shortages.
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