Colombo: South Asian Nation Sri Lanka is facing an unprecedented economic collapse that has pushed the government into a deep crisis. The island is struggling to import basic necessities for its 22 million people as foreign reserves are dwindling and debt crippled, fueled by weeks of anti-government protests that have recently turned violent and Caused the resignation of the Prime Minister.
Much of the Public’s Anger Has Been Directed at President Gotabaya Rajapaksa and his brother, former prime minister Mahinda RajapakseWho are blamed by critics for taking the country into economic crisis.
What happened because of the protest?
For months, Sri Lankans have been waiting in long lines to buy essential items as the foreign exchange crisis led to a shortage of imported food, medicines and fuel. The shortage of oil has resulted in severe power cuts.
The pandemic and the Russia-Ukraine conflict have made things worse, but warnings of a potential economic disaster began long ago.
In 2019, President Rajapaksa came to power after Easter suicide bombings in churches and hotels that killed 290 people. The attacks badly damaged tourism, a major source of foreign exchange, and Rajapaksa promised to lift Sri Lanka out of a deep economic recession and keep it safe.
The government needed to boost its revenues, particularly in the form of foreign loans for large infrastructure projects, some financed by Chinese loans, but within a few days of his presidency, Rajapaksa had achieved the largest in the history of Sri Lanka. Tax cuts pushed through.
The move drew quick punishment from the global market. Creditors downgraded Sri Lanka’s rating, barring it from borrowing more money as its foreign reserves declined. Soon after, the pandemic hit, tourism flattened again as debt soared.
Ukraine The war has raised food and oil prices globally, making imports more expensive.
The country’s foreign reserves have gone below $50 million. It has forced the government to suspend payments of $7 billion in foreign debt due this year, with about $25 billion by 2026 out of a total of $51 billion.
Who is Rajapakse brother?
Nationwide protests are demanding the removal of the Rajapaksa brothers – a dramatic reversal for Sri Lanka’s most powerful political dynasty.
Mahindra And Gotabaya Rajapask They were cheered by the island’s Buddhist-Sinhalese majority as heroes in 2009 to end a 30-year civil war against ethnic Tamil rebels. Despite allegations of war atrocities, he enjoyed great popularity – Mahinda who oversaw the end of the war as president at the time. , and Gotabaya, a military strategist whose brutal campaign helped crush the rebels.
A powerful land-owning family from a rural southern district, the Rajapaksa dominated local elections before entering national politics in 2005, when Mahinda was elected president. He remained in power until 2015, when he was defeated by an opposition led by a former ally.
Following the 2019 Easter bombings, the family returned to power under Gotabaya, who ran for president on a highly-nationalist campaign that won over voters frustrated by attacks by the previous government.
Critics have accused Rajapaksa of relying too heavily on the military to implement policy, passing laws to undermine independent institutions, and maintaining a monopoly on decision-making. Rajapaksa had three other members Almirah Until early April, when the full cabinet resigned over the protests.
Mahinda’s resignation on Monday is a partial victory for the protesters. With protests continuing, especially outside the presidential office, the president is also under pressure to step down.
what happens next?
President Rajapaksa is without a prime minister and cabinet, which automatically dissolved after his brother resigned.
he can select the member of now Parliament To become the next prime minister and form the cabinet. His choice would require the support of a majority of the 225-member legislature. It is not clear whether he still has enough support to approve his candidate in Parliament.
The president may attempt to form a unity government, but it will be difficult to persuade opposition members to join.
If the president resigns when there is no prime minister, the speaker of parliament will become interim president for one month, during which time parliament has to choose a member to be president until elections are held.
The motion to impeach Rajapaksa will not be easy. It will require the support of the Speaker of the Parliament, Supreme court And the support of at least 150 MPs. Opposition parties do not have a majority in parliament, which makes the process even more difficult.
In the 45 years that Sri Lanka has been ruled by an executive presidential system, there has been one unsuccessful attempt to remove a president. The Constitution provides the President with the powers to appoint the Commander-in-Chief of the Armed Forces, the Head of the Cabinet and Chief Justice, the Chief of Police and others.
The President, despite his broad powers, still requires a prime minister and cabinet to perform executive functions. The ongoing uncertainty over the president’s next steps and the administrative void have raised fears of a military takeover, especially if violence escalates.
Much of the Public’s Anger Has Been Directed at President Gotabaya Rajapaksa and his brother, former prime minister Mahinda RajapakseWho are blamed by critics for taking the country into economic crisis.
What happened because of the protest?
For months, Sri Lankans have been waiting in long lines to buy essential items as the foreign exchange crisis led to a shortage of imported food, medicines and fuel. The shortage of oil has resulted in severe power cuts.
The pandemic and the Russia-Ukraine conflict have made things worse, but warnings of a potential economic disaster began long ago.
In 2019, President Rajapaksa came to power after Easter suicide bombings in churches and hotels that killed 290 people. The attacks badly damaged tourism, a major source of foreign exchange, and Rajapaksa promised to lift Sri Lanka out of a deep economic recession and keep it safe.
The government needed to boost its revenues, particularly in the form of foreign loans for large infrastructure projects, some financed by Chinese loans, but within a few days of his presidency, Rajapaksa had achieved the largest in the history of Sri Lanka. Tax cuts pushed through.
The move drew quick punishment from the global market. Creditors downgraded Sri Lanka’s rating, barring it from borrowing more money as its foreign reserves declined. Soon after, the pandemic hit, tourism flattened again as debt soared.
Ukraine The war has raised food and oil prices globally, making imports more expensive.
The country’s foreign reserves have gone below $50 million. It has forced the government to suspend payments of $7 billion in foreign debt due this year, with about $25 billion by 2026 out of a total of $51 billion.
Who is Rajapakse brother?
Nationwide protests are demanding the removal of the Rajapaksa brothers – a dramatic reversal for Sri Lanka’s most powerful political dynasty.
Mahindra And Gotabaya Rajapask They were cheered by the island’s Buddhist-Sinhalese majority as heroes in 2009 to end a 30-year civil war against ethnic Tamil rebels. Despite allegations of war atrocities, he enjoyed great popularity – Mahinda who oversaw the end of the war as president at the time. , and Gotabaya, a military strategist whose brutal campaign helped crush the rebels.
A powerful land-owning family from a rural southern district, the Rajapaksa dominated local elections before entering national politics in 2005, when Mahinda was elected president. He remained in power until 2015, when he was defeated by an opposition led by a former ally.
Following the 2019 Easter bombings, the family returned to power under Gotabaya, who ran for president on a highly-nationalist campaign that won over voters frustrated by attacks by the previous government.
Critics have accused Rajapaksa of relying too heavily on the military to implement policy, passing laws to undermine independent institutions, and maintaining a monopoly on decision-making. Rajapaksa had three other members Almirah Until early April, when the full cabinet resigned over the protests.
Mahinda’s resignation on Monday is a partial victory for the protesters. With protests continuing, especially outside the presidential office, the president is also under pressure to step down.
what happens next?
President Rajapaksa is without a prime minister and cabinet, which automatically dissolved after his brother resigned.
he can select the member of now Parliament To become the next prime minister and form the cabinet. His choice would require the support of a majority of the 225-member legislature. It is not clear whether he still has enough support to approve his candidate in Parliament.
The president may attempt to form a unity government, but it will be difficult to persuade opposition members to join.
If the president resigns when there is no prime minister, the speaker of parliament will become interim president for one month, during which time parliament has to choose a member to be president until elections are held.
The motion to impeach Rajapaksa will not be easy. It will require the support of the Speaker of the Parliament, Supreme court And the support of at least 150 MPs. Opposition parties do not have a majority in parliament, which makes the process even more difficult.
In the 45 years that Sri Lanka has been ruled by an executive presidential system, there has been one unsuccessful attempt to remove a president. The Constitution provides the President with the powers to appoint the Commander-in-Chief of the Armed Forces, the Head of the Cabinet and Chief Justice, the Chief of Police and others.
The President, despite his broad powers, still requires a prime minister and cabinet to perform executive functions. The ongoing uncertainty over the president’s next steps and the administrative void have raised fears of a military takeover, especially if violence escalates.