Sri Lanka crisis deepens even as state of emergency revoked
Colombo : Financial crisis in Sri Lanka has led to massive protests from the locals and the government is facing unassailable challenges to overcome the situation that has thrown the country out of gear. On April 1, Sri Lankan President Gotabaya Rajapaksa had announced the state of emergency to cut down protests, though it did not happen, he has revoked the decision on April 5, 2022.
On Monday, Gotabaya Rajapaksa dissolved his cabinet and asked to form a unity government as the protests kept on increasing in the nation. Sri Lanka is dealing with high food inflation and large power cuts due to economic crisis. This is the worst downturn the nation has been dealing since Independence from Britain in 1948.
It has been learned that the locals are storming the houses of local politicians as the government has failed to deal with the situation.
With losing faith in Gotabaya Rajapaksa, some of the allies have pulled out their support and the Sri Lankan government is now five short of the majority mark in 225-member house. Former allies urged Rajapaksa to tender his resignation.
Economic Crisis in Sri Lanka
Over the years, the country has developed huge foreign debts and it has mounted to about USD 51 billion. The majority of money in Sri Lanka comes from tourism and credit to coronavirus pandemic that has been at the lowest in past couple of years.
People are blaming the government for huge mismanagement and unrealistic tax regimes which has put Sri Lanka in such a condition.