Tag: Sri Lanka

Meanwhile, President Gotabaya and Prime Minister Mahinda have appealed to the people to exercise restraint and remember that violence only begets violence, saying the economic crisis needs an economic solution which his government is committed to resolving.

Facing the worst economic crisis since independence, Sri Lankans have been facing shortages of many essential items, including food, medicine, fuel cooking gas, as well as hours-long power cuts.

They attacked the anti-government protesters and set fire to temporary huts where some of them were on hunger strike urging the Rajapaksas to leave amidst worst economic crisis the country is going through.

Rajapaksa had declared emergency on April 1 also after a mass protest opposite his private residence. He had revoked it on April 5.

"A friend in need is a friend indeed" is the saying as it goes. The dictum is in full play as India has offered Sri Lanka an additional $500 million to help it to import fuel while it is in an advance stage of discussion with the International Monetary Fund (IMF) for a bailout package.

An official from the International Monetary Fund (IMF) on Tuesday urged Sri Lanka to tighten its monetary policy, raise taxes and adopt flexible exchange rates to overcome its ongoing debt crisis.

With the economic crisis and the shortage of forex, an Indian credit line of USD 500 million for fuel imports provided a lifeline to the island nation.

Rajapaksa also justified the public anger over the unbearable cost of living, but refused to give up his post despite mounting public pressure around the country with massive protests demanding him to step down.

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The prime minister has said if the protestors are ready for talks, he would extend an invitation for their representatives to meet for discussions, the statement noted.

The debt servicing suspension will be in force for an interim period pending an orderly and consensual restructuring consistent with the proposed arrangement with the IMF.

WATCH | Protest Continue To Erupt In Crisis-Torn Sri Lanka

Speaking in Parliament on Wednesday, Chief Government Whip Johnston Fernando said the government will face this problem and there is no reason for President Gotabaya Rajapaksa to resign as he was elected to office.

Soon after the government lost the majority power on Tuesday, Tamil National Alliance (TNA), the main Tamil party representing Tamils from the North and East of the island nation, questioned continuity of Emergency regulation.

At the 2019 Presidential election, Gotabaya Rajapaksa, was elected President with a sweeping 2/3 majority with over 6.9 million votes.