On Monday, thousands of students from state universities marched in Sri Lanka’s capital. Protestors aimed to demand the president and prime minister resign over the worst economic crisis. According to the students, Sri Lankan President and Prime Minister are responsible for the shortage of essential goods. This economic crisis has led to the disruption of people’s livelihoods and education.
All of the students were on the same page during the protest that President Gotabaya Rajapaksa is the main cause of the economic crisis, which is the worst since their freedom in 1948. Students were also blaming Prime Minister Ranil Wickremesinghe, who took over the seat a little more than a month ago. He promised to end shortages but has not delivered yet.
Sri Lanka is almost bankrupt and has suspended repayment of foreign debt amounting to $7 billion this year. It must also pay back more than $5 billion every year till 2026. Now the situation is worse than Sri Lanka is unable to import cooking gas, medicines, fuel, and food. Sri Lankans are facing long daily power cuts due to a lack of fuel that is required to run power stations.
People in Sri Lanka are forced to stand in long lines to buy fuel and gas. While the country is surviving mostly on credit lines extended by neighboring India to buy fuel and other necessities.
Running out of that credit, schools are shut and teachers are receiving instructions to teach online. Non-essential government employees have been asked to work from home for a week to preserve limited stocks of fuel.
IMF officials are in Sri Lanka right now to discuss the bailout package.
Rajapaksa’s political dynasty that has ruled Sri Lanka for the last two decades has about ended due to long protests.
As a result, one of Rajapaksa’s brothers resigned as Prime Minister last month and two other brothers and a nephew left their cabinet posts earlier.
President Rajapaksa has confessed about the steps that he didn’t take for the welfare of the economy but he refused to leave his seat. It is not possible to oust any president under the constitution until he resigns on his own.