What are the implications of Sri Lanka suspending debt payments?

The economic crisis in Sri Lanka continues to spiral out of control, with the government saying it would suspend payment on $51bn of external debt.

The country has been beset by shortages of food and fuel as schools have been forced to cancel exams for lack of paper.

The crisis has led to weeks of anti-government protests – culminating in calls for President Gotabaya Rajapaksa to resign.

But what does the suspension of debt payments mean?

Presenter: Dareen Abughaida

Guests:

Jehan Perera – Executive Director of the National Peace Council of Sri Lanka

Ahilan Kadirgamar – Political Economist and Senior Lecturer at the University of Jaffna

Amantha Perera – Researcher at the School of Education and the Arts at CQUniversity in Australia