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Inflation, Food and Commodity Shortages Trigger Emerging Market Unrest
There is rising unrest in Sri Lanka, Peru, and Egypt and other parts of North Africa triggered by food shortages and skyrocketing energy prices. In Sri Lanka, the country’s new finance minister, Ali Sabry, resigned after just one day in office amid growing calls for the country’s president to step down for mismanaging the economy. Inflation has soared, and there are widespread shortages of food and commodities. The combination of high prices and shortages has caused street protests, spiraling into riotous conditions. Sabry would have been part of a team to oversee restructuring the nation’s debt as they seek support from the International Monetary Fund. With many government officials and politicians distancing themselves from the powerful ruling family, Sri Lanka’s economic future is uncertain.
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