Mohsin Khan’s scientific contributions

Sri Lanka is currently experiencing a socioeconomic and political crisis and successive failure of government on many fronts leads to this financial crisis but actual indicators for the failure have already been shown in many ways in Sri Lanka. As the inflation rate reached up to 18 per cent this could be an alarm signal for the government to act so it will relieve the common man. Sri Lanka defaults $51 billion in external debt. There is no food available and commodity prices are very high so it could not possible to purchase. Sri Lanka has fallen into poverty. There is no fuel, no medicines, and critical surgeries are being cancelled. According to doctors, the economic crisis may cause more deaths in Sri Lanka than COVID did. There is a number of protection on street. The people of Sri Lanka struggling to get basic amenities. The absence of power resulted in many problems and religious fights among the citizens. Many emergency services have been suspended due to power failure. Items like milk, medical, emergency services and others have been affected. Plan and policy have been drastically changed. The situation in Sri Lanka is much more than just an economic crisis. Now, this is a humanitarian crisis. Sri Lanka still has a long way to go to come out of this crisis, which has been a long time in the making. Decades of fiscal deficits, current account deficits, a bloated public sector, diminishing tax revenue, and subsidized prices have led to this state. Currently, the country is looking at an IMF bailout, for which it needs to restructure its debt. Debt restructuring can be complicated, especially in China, which prefers to refinance loans instead of restructuring approaches. With this paper, researchers want to understand the basic aspect behind the crisis. Understand the loopholes that make a failure of the Sri Lankan economy, and how the allocation of money has been done by the government. How does it happen? The purpose of the research paper is to answer the basic question of this financial crisis.