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Sri Lanka is facing down a liquidity crisis. It has $50 billion in debt to foreign creditors, but no foreign currency reserves. The country foreign currency was depleted when pandemic-related travel restrictions undermined its thriving tourism industry. It also imports many goods, and costs soared as energy prices rose.

Sri Lanka is an extreme case, but it is not alone, said Prof. Sebastien Betermier in an interview with CTV News. Other countries that have high levels of foreign debt and a reliance on imported goods include Egypt, Argentina, Tunisia, Pakistan, Lebanon and El Salvador. They could face difficult financial times in the months ahead, says Betermier.