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COLOMBO – Sri Lanka has defaulted on its debt for the first time in its history amid its worst financial crisis in more than 70 years. The country has been hit hard by the pandemic, as well as rising energy prices. A shortage of foreign currency and soaring inflation – which stands at 30-40 per cent – has led to a severe shortage of medicines, fuel and other essentials.

Sri Lanka’s economy is heavily dependent on garment exports, while textiles account for around 50 per cent of all exports. Garment exports from Sri Lanka increased by 25.7 per cent in 2021 from US$3.939bn in 2020.

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