Sri Lanka: Why a Feudal Culture & Absence of Meritocracy Bankrupted a Nation

Sri Lanka is officially bankrupt and a failed state in all but name. How did a country of 22 million people with a level of literacy on par with most of the developed world end up in such a dire position where the state coffers did not have the measly sum of 20 million dollars to purchase fuel to keep the country functioning beyond the next working day?