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Business Matters: Is Sri Lanka in a debt trap?

Is Sri Lanka in a debt trap?

02/03/2023 GMT

BBC World Service - Business Matters, Is Sri Lanka in a debt trap?

Sri Lanka's economic woes continues as workers defy protest ban.

Sri Lanka is trying to recover after defaulted on its sovereign debt in May 2022, plunging the country into economic and political chaos.

Sri Lanka workers defy strike ban to protest IMF bailout plan which is hitting their wallets. President Ranil Wickremesinghe is facing a public backlash over steep tax increases and spending cuts imposed to secure the IMF funding.

Drug giant Eli Lilly has announced a $35 cap on the monthly costs patients face for insulin in the US, responding to outcry over the soaring cost of the diabetes medication.

(Picture: Man in yellow raincoat walking through tea plantation in Sri Lanka. Picture Credit: Getty Images)

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