Baba_Yaga
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Sri Lanka's downfall started when they saw China gifting loans to the elite in the guise of infrastructure. Countries can't recover from that. The elites will run off leaving the country to the dogs. The same will be repeated in some other countries in the neighborhood soon.
China only accounts for like 10% of Sri Lankan loans. Main culprit is massive corruption and nepotism. The Rajapaksa family basically ruled Sri Lanka like a monarchy, all the major cabinet posts were occupied by them - finance ministry, defence ministry etc etc all occupied by his brothers, cousins etc etc. Mahinda Rajapaksa the ex president was also known as Mr 10%, anyone setting up business in Sri Lanka had to pay him a cut.