Sri Lanka is now entrenched in an economic collapse and a humanitarian crisis, a little more than one year after the federal government adopted organic agriculture policies that adhered to the global environmental, social, and governance (ESG) trend.
This past summer, President Gotabaya Rajapaksa announced that he would be stepping down, after thousands of citizens stormed his presidential residence. Rajapaksa had been transferred to an undisclosed location, resulting in Parliament Speaker Mahinda Yapa Abeywardena confirming a “peaceful transition.” The political upheaval led Ranil Wickremesinghe, who had served as prime minister on six separate occasions, to become the new president.
Despite a new government, the Southeast Asian state has struggled to put a halt to its economic crisis and political chaos. The annual inflation rate surged to 66 percent in October, while the economy has slipped into a recession. The rupee has lost 73 percent of its value against the U.S. dollar….