Sri Lankan Economic Crisis Worsens

Picture of Nimish Sawant

Curated by Nimish Sawant

The Sri Lankan economic crisis is getting worse. Its Prime Minister Mahinda Rajapaksa has finally resigned after months of protest. ``

  • Sri Lanka has been going through one of its worst economic crises since independence in 1948. While the pandemic accelerated it, Sri Lanka’s economy was in doldrums much before.
  • Prime Minister Mahinda Rajapaksa tweeted that he had handed in his resignation. He and his brother, President Gotabaya Rajapaksa, are being blamed for the current Sri Lankan crisis.
  • Soon after his resignation, thousands of troops and police were deployed all over the country. A curfew was also imposed after Rajapaksa’s supporters attacking protestors led to many casualties.
  • The violence against peaceful demonstrators angered many and there have been reports of more than a dozen homes of Rajapaksa and his followers being torched by angry mobs.
  • President Gotabaya Rajapaksa still remains in power and has repeatedly refused to step down, a fact that further angers the protesting crowds who hold him responsible for mismanaging the economy.
  • A team from the International Monetary Fund has begun work with officials in Sri Lanka on an economic bailout which will include a tough package of reforms.
The Guardian
Foreign Policy
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