Colombo, 17 March 2022 (TDI): Amidst the worst economic turmoil in several years, protests broke out in Sri Lanka calling for the resignation of the President, Gotabaya Rajapaksa.
The President said his government is in talks with the International Monetary Fund (IMF) to soften the ongoing effects of the crisis. Several thousand people gathered outside the President’s office in Colombo calling for his resignation, led by the supporters of the opposition party; the United People’s force.
Protestors accused the current government of mismanaging the economy and creating a foreign exchange crisis which has led to a shortage of several essential goods such as cooking gas, milk powder, and several types of medicines.
Fuel shortages have snowballed into the breaking down of the country’s transportation system which has halted the provision of several essential supplies. The currency has devalued by 36% in just one week.
The President of Sri Lanka, Gotabaya Rajapaksa said, in a televised address to his nation that the government was in talks with the IMF as well as other countries and agencies in an effort to have them differ their loan repayments.
He also called on the people to help by limiting their electricity and fuel use and told them not to riot. In the past, the country had resisted going to IMF, this new direction is a change of pace from what the current government has previously done.
Welcomed Finance Minister @RealBRajapaksa of Sri Lanka.
Held productive discussions on our economic partnership. India continues to respond to the requirements of the people of Sri Lanka. pic.twitter.com/1bFOdR41y6
— Dr. S. Jaishankar (@DrSJaishankar) March 16, 2022
The Finance Minister of Sri Lanka, Basil Rajapaksa recently met his Indian counterpart to discuss economic partnership and to discuss ways in which India could help the people of Sri Lanka.
The Indian government is set to approve a credit line worth $1 billion to the country. The Modi government said that India will always stand with Sri Lanka.
