Sri Lanka is defaulting on its debt, in just the latest sign of the nation's escalating economic collapse. The government had failed to pay back almost $80M in interest for bonds sold to foreign investors. Sri Lanka's energy ministry says the country can no longer afford to pay for petrol shipments, due to the rising cost of crude in international markets.

For more, we were joined by Chayu Damasinghe in Colombo. He's the head of macroeconomic research at the think thank Frontier Research.

#SriLanka #SriLankaEconomy #EconomicCrisis