Barbadians who are renown for being an educated people must be following the economic and political crisis unfolding in the Asian country of Sri Lanka with interest. Why is it interesting? Sri Lanka decided to enter selective default (SD). Events leading to the SD almost mirrors what Barbados faced in 2018, caused by; money printing, low foreign reserves and heavy debt stock. The only difference is that Barbados elected a new government, while in Sri Lanka, the government responsible for economic policies since 2019 which led to the crisis is still in office.
It is interesting to note the poor state of the economy that has resulted in high prices to consumers is affecting quality of life. Sri Lankans like Barbadians have been accused of supporting a high lifestyle supported by unrealistic borrowing from local and international lenders – sounds familiar? What is also of interest is that people protests is being led by the citizenry, read no political opposition.
Watch the short video which captures developments in Sri Lanka that are unerringly similar to Barbados with one exception, the people are protesting on the street demanding change to the political/system of system.
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