new Delhi: Sri Lanka is currently facing an unprecedented Economic Crisis, which has been called “the worst in decades”. Sri Lanka’s economy has been in decline since the outbreak of the Covid-19 pandemic, with the tourism sector crashing.
Record inflation and crippling power cuts, as well as severe shortages of food, fuel and other essentials, have caused widespread distress across the island nation, which is facing its most painful recession since independence from Britain in 1948 .
There are at least 13 hours of power cuts in the country every day. The Sri Lankan currency has also devalued by around SLR 90 against the US dollar since March 8.
Below are the latest developments from the beleaguered island nation:
Parliament To regroup after a state of emergency
Sri Lanka’s parliament will convene on Tuesday in its first session since the imposition of a state of emergency amid rising demands for the president’s resignation over the worsening economic crisis in the country.
director Gotabaya RajapakseThe once-powerful SLPP ruling coalition faced defection ahead of a parliamentary session that undermined their ability to ratify the state of emergency imposed on Friday to stem mounting public protests.
The state of emergency is due to expire on Thursday next week unless it is confirmed in a parliamentary vote.
As Parliament is reconstituted, the speaker is obliged to officially notify MPs that a state of emergency has been declared, given the possibility of the opposition demanding it be voted on immediately – which the government Will lose
All opposition parties and even some MPs from Rajapaksa’s own party have announced their intention to vote against moving the ordinance.
“Our party no longer has the mandate to govern,” former minister Nimal Lanza told reporters in the city of Negombo. He said that earlier about 50 MLAs belonging to the government would sit as independents.
Sri Lankan President said, will not resign, ready to hand over government
President Gotabaya Rajapaksa informed senior party members on Tuesday that he would not step down but was ready to hand over the government to any party that proved a majority of 113 seats in parliament.
According to reports, Rajapaksa held political meetings on Monday while public protests against the shortage of essential commodities and power cuts continued.
International Monetary Fund Close monitoring of political, economic development in Sri Lanka
The International Monetary Fund (IMF) said on Tuesday that it is monitoring political and economic developments in Sri Lanka “very closely” as public unrest continues to mount amid the country’s ongoing economic crisis.
Masahiro Nozaki, head of the IMF Sri Lanka mission, said: “IMF staff look forward to discussing the program with officials during the visit of the newly appointed finance minister to Washington later this month.”
State of emergency declared in the country
Meanwhile, a health emergency has been declared in Sri Lanka from Tuesday due to acute shortage of medicines in the country.
According to the report, the decision was announced after an emergency general committee meeting of the country’s Government Medical Officers Association (GMOA) held to discuss emergency law enforcement and serious drug shortages.
Sri Lanka trapped in ‘strategic debt trap’
Sri Lanka, a thriving island nation with a population of 22 million, has finally fallen into China’s debt-trap diplomacy. Amid the ongoing economic crisis, as the country struggles to pay off debt, China has turned a blind eye to the island nation’s debt trap.
As economic crisis grips Sri Lanka, India has made serious efforts to salvage its beleaguered neighbour. Since January, it has provided USD 2.4 billion in aid to Sri Lanka, including USD 400 million in currency swaps and a USD 500 million loan moratorium. Last month, Sri Lanka signed a USD 1 billion line of credit with India for the purchase of food, medicines and other essential items.
Meanwhile, China has refused to give any concession in repayment of the debt. According to reports, China has a total debt of $ 8 billion, which is about one-sixth of Sri Lanka’s total external debt of $ 45 billion.
Sri Lankan police warn protesters against breaking the law
Sri Lankan police have warned protesters not to take law into their own hands and said strict action would be taken against those involved in violence during the agitation.
Police arrested several protesters on Monday night and said they were relying on scientific and video footage to nab violators in the coming days.
“There were reports of protests and demonstrations yesterday in various parts of Sri Lanka, some of which included arson, infiltration and other acts of violence. The perpetrators have been arrested, some of whom have been identified based on video evidence. And they will be arrested in the near future,” Sri Lanka Police said in a statement.
He says that strict action will be taken against those involved in violence during the protests.
Police said, “Violent means arresting the protesters by using scientific, technical and video evidence. Accordingly, everyone is requested not to indulge in violent or violent acts.”
Sri Lankan police said they did not ban the protests, but said protesters should work peacefully.
(with inputs from agencies)
Record inflation and crippling power cuts, as well as severe shortages of food, fuel and other essentials, have caused widespread distress across the island nation, which is facing its most painful recession since independence from Britain in 1948 .
There are at least 13 hours of power cuts in the country every day. The Sri Lankan currency has also devalued by around SLR 90 against the US dollar since March 8.
Below are the latest developments from the beleaguered island nation:
Parliament To regroup after a state of emergency
Sri Lanka’s parliament will convene on Tuesday in its first session since the imposition of a state of emergency amid rising demands for the president’s resignation over the worsening economic crisis in the country.
director Gotabaya RajapakseThe once-powerful SLPP ruling coalition faced defection ahead of a parliamentary session that undermined their ability to ratify the state of emergency imposed on Friday to stem mounting public protests.
The state of emergency is due to expire on Thursday next week unless it is confirmed in a parliamentary vote.
As Parliament is reconstituted, the speaker is obliged to officially notify MPs that a state of emergency has been declared, given the possibility of the opposition demanding it be voted on immediately – which the government Will lose
All opposition parties and even some MPs from Rajapaksa’s own party have announced their intention to vote against moving the ordinance.
“Our party no longer has the mandate to govern,” former minister Nimal Lanza told reporters in the city of Negombo. He said that earlier about 50 MLAs belonging to the government would sit as independents.
Sri Lankan President said, will not resign, ready to hand over government
President Gotabaya Rajapaksa informed senior party members on Tuesday that he would not step down but was ready to hand over the government to any party that proved a majority of 113 seats in parliament.
According to reports, Rajapaksa held political meetings on Monday while public protests against the shortage of essential commodities and power cuts continued.
International Monetary Fund Close monitoring of political, economic development in Sri Lanka
The International Monetary Fund (IMF) said on Tuesday that it is monitoring political and economic developments in Sri Lanka “very closely” as public unrest continues to mount amid the country’s ongoing economic crisis.
Masahiro Nozaki, head of the IMF Sri Lanka mission, said: “IMF staff look forward to discussing the program with officials during the visit of the newly appointed finance minister to Washington later this month.”
State of emergency declared in the country
Meanwhile, a health emergency has been declared in Sri Lanka from Tuesday due to acute shortage of medicines in the country.
According to the report, the decision was announced after an emergency general committee meeting of the country’s Government Medical Officers Association (GMOA) held to discuss emergency law enforcement and serious drug shortages.
Sri Lanka trapped in ‘strategic debt trap’
Sri Lanka, a thriving island nation with a population of 22 million, has finally fallen into China’s debt-trap diplomacy. Amid the ongoing economic crisis, as the country struggles to pay off debt, China has turned a blind eye to the island nation’s debt trap.
As economic crisis grips Sri Lanka, India has made serious efforts to salvage its beleaguered neighbour. Since January, it has provided USD 2.4 billion in aid to Sri Lanka, including USD 400 million in currency swaps and a USD 500 million loan moratorium. Last month, Sri Lanka signed a USD 1 billion line of credit with India for the purchase of food, medicines and other essential items.
Meanwhile, China has refused to give any concession in repayment of the debt. According to reports, China has a total debt of $ 8 billion, which is about one-sixth of Sri Lanka’s total external debt of $ 45 billion.
Sri Lankan police warn protesters against breaking the law
Sri Lankan police have warned protesters not to take law into their own hands and said strict action would be taken against those involved in violence during the agitation.
Police arrested several protesters on Monday night and said they were relying on scientific and video footage to nab violators in the coming days.
“There were reports of protests and demonstrations yesterday in various parts of Sri Lanka, some of which included arson, infiltration and other acts of violence. The perpetrators have been arrested, some of whom have been identified based on video evidence. And they will be arrested in the near future,” Sri Lanka Police said in a statement.
He says that strict action will be taken against those involved in violence during the protests.
Police said, “Violent means arresting the protesters by using scientific, technical and video evidence. Accordingly, everyone is requested not to indulge in violent or violent acts.”
Sri Lankan police said they did not ban the protests, but said protesters should work peacefully.
(with inputs from agencies)