Sri Lanka is in the grip of a severe economic crisis as a result of the country's loss of foreign assets, which has resulted in food, gasoline, medicine, cement, and other essential goods shortages. As a consequence of the, Sri Lanka is in the grip of a severe economic catastrophe. The country's loss of foreign assets has resulted in scarcity of food, fuel, pharmaceuticals, cement, and other critical goods. The Sri Lankan government is optimistic that the crisis will be resolved soon as a result of the policy measures made thus far and the advancements made in the COVID-19 situation. Nevertheless, the conditions on the ground and analyses of the government's policy measures indicate that Sri Lankans would not receive economic respite soon, global geopolitical-economic trends, especially in the aftermath of the Russia-Ukraine conflict, suggest otherwise. In Sri Lanka, popular opposition to the government's administration of the crisis is increasing. This research work focuses on dwindling economic development. The question is, how did it occur, and how did the government of Lanka lose all of its money? The purpose of this research paper is to answer these questions. In addition, the author of the paper outlines a comprehensive analysis of the issue as well as the causes of the economic crisis.