Can Bankrupt Sri Lanka Change its Unwanted Situation?

Sri Lanka is an Asian island country in the Indian ocean and south west Bay of Bengal with medium sized population and limited number of natural and economic resources. It is facing an unbearable economic disaster. We can see that the bankrupt Sri Lanka is really in image crisis and in the short periods of time it will not be able to change the fate of the people of Sri Lanka.

Bankrupt Sri Lanka

Background of the Bankruptcy of Sri Lanka 

A few months ago, Sri Lanka announced that the country had already gone to the brink of the bankruptcy. They cannot repay money to foreign investors. 
The situation was came as uncontrollable after the announcement. 
Some analysts say that the bankrupt Sri Lanka's mistakes include the no use of fertilizer to the agriculture and their desire to get organic foods. 
At the same time other countries like Lebanon face bankruptcy. Lebanon's bankruptcy is also a game of tongue there.

How Come They Announce this Thing Instead of Trying to Get a Solution?

Actually, there were no other choices at the government's hand to resolve the issue as they had no essential resources specifically no money in the banks to return to the investors and depositors. Eventually, it was the easiest way to surrender to the owners of the money. 
They had to see that day because they borrowed unnecessary money from the people and other domestic and international borrowing organizations. They received investments for irrelevant mega projects. National crisis may started to show signs of crisis when we heard that China got Humbantota port under leasing contract. 
Sri Lanka is in the dire of the foreign currency reserve. It is only 50 million USD. They tried to minimize the import costs but now they don't have money to import essential goods like oil, edible oil, gas, foods etc. 

How Sri Lanka Tries to Change the Bad Situation? 

The country is trying to negotiating with the governments of the other countries like India, Bangladesh, China etc. They approach for help as aid and loans. 
Amid this try, the government is facing pressure from the people to step down from the power. People are suffering as oil price hike and food shortages. They say that the leaders of the country have completely failed to run the state. That resulted the resignation of the Prime Minister Mahinda Rajapakse

If the bankruptcy recognized by the court, Sri Lanka will loss the eligibility to trade with other countries smoothly. 

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