a robot must obey the orders given by human beings, except where such order does that conflict with the 1st law show your identification. we should be very careful about our personal intelligence. the point obviously is to great trust, rather than fear i would like to take on various jobs with artificial intelligence . real, somebody with a robot must protect its own existence with the joggers archipelago homer, that she goes to san diego garcia, the largest island in the archipelago is now the location of a very large u. s. military base. you could go the med div i to the u. s. government to make a military base and just deported all of douglas and people from their country. so

they call it returned back on the island. no, but we are fighting. that's why i'm real fighting for the right. so i, we do not consider the right to self determination actually applies to the trickle . since i don't the question of self determination, the legal advice we have received is actually the chic options. we're not at all, not a people for me, it's time to move on and see what we can do for the publisher community to return back home. there is no support from the united nation. i commission african united nish. i don't care about juggler, said people i the ah, for money protested, call for new leadership, ask the longest, filed into

a devastating economic crisis. nation and you're in month of double digit inflation, rolling power blackouts and severe shortages and food and medicine. sco longest form reserves are depleted to a point that it can no longer afford to pay for a central imports as the country defaulted for the 1st time in its history. so how did it get here, and what are the repercussions? i'm christy i and you're watching the cost of everything. i saw how this like i get to the critical point. well, there's a combination of compounding factors like money creation on affordable tax cars, a nationwide policy shift to organic or biological farming cobra, which lots of tours and trade and economic mismanagement. it's hard to really pinpoint the blame when it's really just

a cascade of events. the government now lack sufficient warm reserves to pay for fuel and other key imports. and as we've discussed previously, fuel is the literal life, blood of nations and powers. everything from industry to basic heating and keeping the lights on at home. for yolanda is also a trade dependent economy and the country is very few dynamic exports. and the global price and supply side chalk have really disrupted the sectors severely. for instance, so long as textile factories were once considered vibrant and promising. but now the whole industry has come to a halt because of power cuts, and to top it off the government's policies of tax cuts in 2019 an unsustainable welfare measures, deprived the treasury of billions of rupees. to finance the resulting fiscal deficit, the government went on on money printing spree, heating up the economy, and exerting downward pressure on the ruby. and for more on this, we bring you

a sancho. we just think research fellow at the institute for policy studies in sri lanka. so what brought through longer to this crisis in the 1st place? how did it run out of foreign reserves? if you look at the root cause, and so for this crisis, we need to go back in history because after the independent link i was experienced into kind so deficient. when was the trade deficit or the the by did then we had to finance the definition. first. it was muslim, bilateral donna barry's club. don't us and the friendly nation for india. but around after 2

dozen, karen started to barrow really from the international capital my they call them the international. so in between 2 does that and i think 2009 to 2018 period to cover on the road to 14000000000 u. s. b. in the phone are so short to measure in and also high indirect load. then came the quote 19 reduced our returns into the country and also totally wiped out the tory stony and 2018 for land and about $4500000000.00. but doesn't 21?

it was just less than 1000000000. so distinct effect for him. so proficient i know doesn't go into one and 2022. we had to prepare it low for in the green. so rejected the import. so for essential accommodating and government tried to maintain artificially lower rate though for depleted. finally, longer government had to let it go. the great deck was to buy about 80, more than 80 both and in the 5th of april. so this is the situation right now by april, 2022 full and go ahead to suspend all the debt payment

if it can be considered the default situation. so these days longer government be acknowledged in negotiations with the credit to. ready restart because i am, if the bailout is going to be contingent on the lead to restructuring process. and now are there any other follow effects of this crisis, or is this isolated? is sca longer here? are there any knock on effects or any other nations, or we can see the consequences of this financial crisis in the domestic economy. a few things, the shortage if you need a good feel and if not in a position to finance the coach as usual for example,

the c v o n a cookie gas shortage. but right now it is kind of east because the government viewed in rationing it is. busy getting really well right now. so people have a feel for day to day activities though it is not like before. and the same thing if anything goes cooking guest. however, they are a lot of input control, seeing if it can not in the boat. so really it goes, it's bad right now and you in the lot of important food, they didn't put these signs in the economy

and then industrial like construction in the street, if affected because of the crisis, mainly due to the boats content. and if the i know most of you, the high inflation rate within the the i is it that the foot board and inclusion is very high, especially i think didn't last month. the consumer price index. it was like 91 year. right. so it's about 9 different this crisis may not affect the other countries, like there will be no contingency. because if

a small economy takes about $80000000.00 us the economy. so there will be no fee via contagious effect on the economy. like out reading on our trading partners. so the credit to the only ebony that lender may affect their country. our credit to our credit just found carnegie's late china india, japan. they have a really bar braided loans to our country to land these really big economy. so i think the amount of loans are added to feel like that may not affect the economy.

you wouldn't do the, i will be a, some delays in m and a especially if i did turn will be a good up on the school and they brought me some of the lowest real estate time to be a big but i think it is about less than 20 believe, i think the government intention is to restructure about 10000000 of by level law and then 9000000000 of international. so are in one. thank you so much for coming on a sancho. we thing a research fellow at the institute for policy studies and sco longer, longer has been heavily reliant on credit lines advanced by

a neighbor india to purchase fuel in recent months. but now the government is struggling to secure fresh fuel shipments to replenish stockpiles, as banks are reluctant to accept letters of credit when there's already $700000000.00 in overdue payments. the rapid decline of the countries middle class has plunged the country further into turmoil. the middle class is no longer able to maintain their consumption, which is a pretty big problem in a country where consumers spend a makes up 70 percent of his g d p. and when we come back, are we witnessing the worst economic crisis in so long as history? and so what countries are extending a hand to the asian country and at what price will have everything for the brain? the

a low money land money with money le. what are you crazy? yes. or took

a lot. i lost most of my friends. but i was broken. i wasn't able to save anyone. i get nothing in either wilson, 2030 god. what really, in my way to make me start talking to willy waiting for me to have him i'm happy that trying to find is really little john. you can go to sleep. my mother, he become my new friend. the one was not going to die or because he is going to stay alive. it was they next to me.

if i'm not crazy enough, i'm not gonna make it the we are witnessing the worst economic crisis in scale august history since it's independent. and now the economy has collapsed and the country has run out of the money. it needs to import essentially. so what constitutes as an essential or talking about basic items here, things like fuel, food and fertilizer. crop yields are shrinking from the lack of fertilizer which will spin off into a serious food crisis. in our recent assessment by the us, food and agriculture organization. 6.3000000 people. nearly 30 percent of the population are food insecure. 30 percent. this is caused by the record 90

percent food inflation, the nation a thing which makes staples such as rice unaffordable for millions of families. the country is usually able to grow enough to feed its population of 22000000, but due to dwindling yields from 2 consecutive harvest, failures from shifting to biological farming. things are now looking bleak. around 200000 fishermen are also out of work because they do not have fuel for their boats . and meanwhile, china has also loan a substantial amount of money to screw longer. china is the 3rd largest creditor at the japan and the asian development bank, rather than thinking china screw longer is instead laming china for exacerbating the crisis. sco longer has bought heavily from china over the years to plug a budget for falls and trade deficits. but much of the money has been squandered on infrastructure projects that are part of china belt and road initiative. and let's break this down further and bring in elisha,

where our research fellow at the institute for policy studies in 3 longer. thank you so much for joining us from there. so starting off, what do you think of this? do you agree or do you think your long? because i cannot make trouble stem from china and taking on too much debt from china. because the crisis was already bring by 2019 become a growth rate was at no time laurie took 2.3 percent in 2090. so with this low growth rate, she like having so many economic problems in the country is involved huge budget and a message trade, which was on more than the g d, p, and bet without large debt to g d. p ratio because about 84 percent and then majority of dick was denominated in fine current. ready so silica was

already having so many problems before the pen to me and the enemy in 2020. it's a bit more for the ongoing problems that we had from beforehand. it's so foreign currency, or owning from find exchange was the key component of the silicon economy. answer not going economy light a lot on earnings from the patio, the torrison effect and earnings from worker remington says. but however, with the turn of dependent be all these by an exchange earnings a huge blow. if they look at the power sector, private sector, or does the decrease and at the same time that will supply side issues because lots of input problems outside the country. so that was important issues. but with the demand decline for supply side diesel earnings from the we're

going down at the same time the detroit at the picked up was large for an exchange trailer that on so was already having issues because of the east of bombings in 2019. and then along with these and debbie and the residual travel restriction funding from the toilet, and that was also decline to a near the only or the worker at work. i mean, the kind of performed better than expected in 2020 of with the growth of 5.8 percent to over 7, beginning with dollars. however, this was knocked down and still all the latin economy in place because there were a lot of dick that was coming due. and i went ahead and get these on time. and that as well as issues in the trade and having to import lots of goods

of at the higher exchange, i'm getting a lot of pressure on the exchange rates. create a lot of issues in the 240 next change front. now, when we talk about the foreign exchange, artificially maintained the funding exchange rate at about $200.00 to put us down the for a long time. and that's created to the lot of impact on the remington in but what could be done because the informer channels that i'm ready to high up exchange made so many people didn't want to send through the former channels and. ringback michelle, the, the foreign currency coming into the country took a job to keeps towards the end of some 2020 by 2021. the officer reserves position not to decline significantly. like in

2019 we had about $4600000000.00 us dollars and results. but by 2021 declined to 1.8 be dealing with had been sent that in 2022. it declined father with all this bullshit and political issue that is going on and down the existing pressure in the foreign currency. the sudden, floating off against the us dollar and then that was a huge depreciation office. 3 lamp and will be so all in all at one point she was as low as the t 1000000. he was about foreign exchange. reserved in the pantry. $15000000.00 only as one fund. so this is how the situation evolved to become a type and the foreign exchange situation in the country. and now what are the next steps for sco lanka? is there a way out of the debt crisis in terms of the crises?

the, the whole gamut of thing for right now is in the process that restructuring the work of the ins. but probably we have reached the extended fun facts of the day of the month for us $1.29 for 48 month plan. so with this, what i spent into achieving this story can me ability and also to obtain ability. so in terms of the ability to not have to need to do is we have to kind of get the support of our creditors and their willingness so that we can restructure the debt and the pates over a reasonable time in a reasonable manner. but however, the talk going on in the front and then also going forward to luck,

i will need to secure a funding as the bilateral partners on the list. because to bridge the gap in the finances apart from that, she also has to control the fiscal side of the economy. now there is the government revenue and the government expenditure is maintain good enough for state ranch. and as part of these, are you just restructuring package? substantial component, the macro stability built in, was it supposed to be and addressing last making government institutions and also possibly looking at the non public sector workforce, the currency and credit of a nation really all depends on confidence and now that's longer has defaulted. there's absolutely no confidence in the currency anymore,

the government or the credit of the nation or outside investors. so can you longer rebuild itself? i think the, the confidence in the currency, the critical issue. one of the main reasons why, even though the mon, my going to be turned as the was to do before. so then obviously the party. now investors also have a low confidence in that you're not going economy and they will not send as much as they would otherwise. so the on demand, the thing it's to take out of the macro economic indicated in the country and it should not be stability. that is content. and that is a realistic exchange rate. and then there is some stability and exchange rates. and there is commitment by the political parties and the like the government towards tabulating the economy. and that is consistent policies coming up so that that is

in the investment. and now how are the daily lives of citizens being affected by this crisis? what hardships are they facing? the tree lung can population is pictured by the people. on the one hand, the inflation is having a huge impact on everybody's lives, lifestyle, and so much thing, par and all. so that is a little shar, pages actually in terms of the, the full 10 months, the distribution of was as what you saw today in some sort of transportation issues. but now it is easing off, but not normal yet. so because of the daily life, it would not have them all the public transportation as frequent as you would want to. and then that the social safety nets have to come into effect

because the low income population, it's not really struggling with this inflation and the economy situation in the country. and unless that prediction weekend with them coming in the night will be even worse. because the daily wage find it very difficult to meet ends with the current invention and then the, the income that they earned right now. but a show where our next research fellow at the institute for policy studies and longer, thank you so much for joining us. and now as always, there are winners and losers. the losers are unfortunately, the citizens of ski longer than nearly 22000000 people who are educated and form a solid middle class and have a median income among the highest in south asia. now the very same people are living on the edge unable to buy,

even the basics. grocery shells are barren and food is expensive. a kilo of tomatoes is selling for a $150.00 rupees, while akila potatoes is selling for $220.00 rupees. carrots go for a whopping $490.00 rupees. as transportation cost skyrocketed for farmers with no petrol. now that represents an increase of over 75 percent in the last 12 months. meanwhile, wages have not kept up. the inequalities in the countries have deepened during this crisis. as a small sliver of the population is managing just fine, wealthier school long cans with access to funds outside the country can more easily ride out the inflation pressures and falling rupees. so how will this crisis play out? how well the i m f step in to support your langa and who will resume power? only time motel, thanks for watching. i'm christy i and i'll see you next time as we continue to break down the cost of everything. ah

ah, for a collaboration graphic, what is the best time to go about them? this is a little bit of a lady with what i see school for carbonate for that. what, but some claim you have something that might give me a port in your cart order. the subdivision of last week on your snow cramps give part of the stairwell, which it is said, the chest. i mean the minimum is gone, can be calmer, loosened up, and the communist. somebody mp community that the comma

a lovely knob is all right. you supposed to start up making sure affected dor only out of the july the media with us. that's a disclaimer. but then with the routing, the spooky when you're writing for whether you do or for booking at them during the summer, because i see a reason why we should get people much busy them. we're can i love chris? was it was we was there, then you big us over for you that they sure i see that i can open up that were still a when but of over loving us to get to know something to what we've got to do is identify the threats that we have, it's crazy, even foundation, let it be an arms race is on, often very dramatic development. only personally,

i'm going to resist. i don't see how that strategy will be successfully, very critical time. time to sit down and talk with good like a limited part of the economy despite the predicted collapse, devastation and catastrophe. nothing of the kind has happened here in prison. and so the west has failed and his efforts to his country's economy as he is worth it. then seeking to divide those 2 countries against oscar ah, a storage facility in morocco made a series of explosion. i'm trying to sell the.