Sri Lanka protests set to topple government: why did it happen and what comes next?, #Sri #Lanka #protests #set #topple #government #happened Welcome to OLASMEDIA TV NEWSThis is what we have for you today:
Thousands of protesters refused to leave the official residences of the President and Prime Minister of Sri Lanka on Monday, after occupying both houses for days. A wave of national outcry over the cost of living in the impoverished country seemed to topple its leaders, and the largely peaceful sit-ins of both men’s opulent homes — and the protestors’ refusal to leave — was a literal and symbolic representation of the resistance.
The prime minister’s office on Monday confirmed that President Gotabaya Rajapaksa would resign on Wednesday — meeting a key demand from the protesters.
Mass demonstrations have flared up this weekend in the South Asian island nation of 22 million people, which lies just off India’s southeast coast. Sri Lanka has been in an economic crisis for months, and feeling that their plight was not only unresolved but also unrecognized by their leaders, thousands of angry protesters swarmed the president’s official residence in Colombo on Saturday.
People crowd the official residence of President Gotabaya Rajapaksa for the second day after the storming in Colombo, Sri Lanka, July 11, 2022.
Advertising Jayawardena/AP
Protesters also set fire to Prime Minister Ranil Wickremesinghe’s private home on Saturday. He has refused to resign until a new government is formed.
The protesters demand the immediate departure of both men and blame them for the mismanagement of Sri Lanka’s economy.
Rajapaksa has not spoken publicly since his home was stormed on Saturday. Reports say he may be on a naval vessel off the coast.
Despite assurances from the country’s head of parliament that the president would resign, protesters have refused to leave his seaside mansion, although the president himself has not been seen for days.
Anti-government protesters swim in a pool at the Sri Lankan president’s official residence after storming it on July 9, 2022 in Colombo, Sri Lanka.
BAND
Videos posted online and broadcast by news outlets show protesters running through the opulent residence, some taking a dip in the garden pool, while others lying on beds or taking advantage of the showers.
How did it get this far?
Sri Lanka has been short of cash for months and has struggled to pay for imports of essential goods, including food and fuel. The government blamed the COVID-19 pandemic for undermining the country’s tourism income, which is a major economic driver in Sri Lanka. But economists say there are other factors, including political corruption and economic mismanagement.
Prime Minister of Sri Lanka says the country is “bankrupt”
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The country has defaulted on its massive $51 billion foreign debt and is unable to pay interest on its loans. While the government is in talks with the International Monetary Fund (IMF) for a $3 billion bailout, it has been forced to rely on aid from India and China for now.
President Rajapaksa has also been criticized for major tax cuts he implemented in 2019, costing the government more than $1.4 billion a year. His government also banned chemical fertilizers last year to boost organic farming — a move that surprised farmers and resulted in crop failures, eventually forcing the government to import food, exacerbating the foreign exchange shortage.
The value of the Sri Lankan rupee has fallen by 80% in recent months, making imports more expensive and increasing inflation. Food costs have increased by more than 50%. The confluence of factors has left Sri Lanka staring at a national bankruptcy, with barely any cash left to import essential items, and that has made everyday life a struggle for millions of people.
Over the past few months, Sri Lankans have faced 12-hour daily power cuts in the blistering summer heat, a dire fuel shortage that left thousands queuing at gas stations to get a gallon or so of hugely expensive fuel, and a dire shortage of food and medicine.
Anger against the government only mounted as protesters broke into the homes of the leaders, revealing the level of luxury the president enjoyed while many in his country were starving.
What’s next for Sri Lanka?
It could be weeks or months before the country’s food and fuel supplies begin to normalize, even if the IMF offers a bailout package soon.
Parliament Speaker Mahinda Yapa Abeywardena has said a new coalition government must be formed within a week of the president’s official resignation, and opposition parties held talks on Sunday to discuss forming a new government. More talks are expected in the coming days.
A man plays the piano at the Prime Minister’s residence on the second day after the storming in Colombo, Sri Lanka, July 11, 2022.
Rafiq Maqbool/AP
Under the country’s constitution, if both the president and prime minister resign, the speaker of parliament must take over as interim president.
But with the apparent sudden collapse of the government, it is unclear when a new full government could be formed, or whether any leadership will be trusted by the people of the country or the foreign entities trying to help the island nation.
In addition to a possible bailout from the IMF, the World Bank has agreed to lend Sri Lanka $600 million. India has pledged to help with $1.9 billion and can borrow another $1.5 billion for imports. The G7 group of countries – the US, Canada, France, Germany, Italy, Japan and the UK – have said they will help Sri Lanka obtain debt relief.
But it seemed that several days, if not weeks, of uncertainty lay ahead for the beleaguered Sri Lankan people before any of the possible rescue efforts on the ground could provide any relief.