On the 14th of July, Gotabaya Rajapaksa – President of Sri Lanka – landed at Changi Airport.
The collapse of Sri Lanka didn’t happen in isolation. In addition to misrule, Covid-19, disruptions to global supply chains and the rising price of fuel, grain and other commodities played a role in pushing the state down the path of bankruptcy and virtual collapse.Lebanon collapsed over a year ago. El Salvador, Ghana, Egypt, Tunisia and Pakistan appear to be teetering near the edge of debt defaults.
Mismanagement, heavy inequality and intensely divided political systems appear in places as diverse as the US, UK and South Africa. Even nations with strong manufacturing economies and rock solid credit ratings like France now have very high debts. With inflation and interest rates rising, can local businesses and taxes really support the repayment of these large loans?As the problems confronting states and state finances grow, the quality of governance globally appears to be getting weaker.
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