People throng President Gotabaya Rajapaksa's official residence for the second day after it was stormed in Colombo, Sri Lanka, July 11, 2022.
People throng President Gotabaya Rajapaksa's official residence for the second day after it was stormed in Colombo, Sri Lanka, July 11, 2022. A day after Sri Lanka's president fled, Mohamed Ishad waited outside an immigration office near the capital, clutching a file of documents that he hopes will get his passport renewed so he can leave, too.
Bankruptcy has forced the island nation's government to a near standstill. Its once-beloved and now reviled former president Gotabaya Rajapaksa fled to Singapore before resigning last week. The acting president and prime minister, Ranil Wickremesinghe, is seen as his proxy and opposed by angry crowds.
"Right now, the eye is off the ball," said Dayan Jayatilleka, a former diplomat and political analyst. "It's like in the middle of a serious surgery, everybody from the top surgeon to the anesthesiologist, ran out of the operation room to start a revolution – but they need to come back and finish the surgery before the patient is dead."
Now, the government owes $51 billion in debt and is unable to make payments on its loans. Its currency has collapsed by 80%, making imports more expensive and worsening inflation. Sri Lanka has only $25 million in usable foreign reserves and needs $6 billion to stay afloat over the next few months. Another rumoured candidate – and the most contentious – would be Wickremesinghe, who could likely count on support of the governing party if he decided to seek nomination. Protesters have rallied for weeks to kick him out of office, accusing him of protecting the Rajapaksa dynasty. If he is nominated and chosen, it will be a "powder keg," said Jayatilleka.
Wickremesinghe is the only lawmaker from his party to hold a seat in Parliament after it suffered a humiliating defeat in 2020, limiting his public support and political heft. Many don't see him as a legitimate leader despite his seasoned political career and expertise, said Bhavani Fonseka, a senior researcher at Colombo-based Center for Policy Alternatives.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Sri Lanka acting president declares emergency amid protestsSri Lanka's acting president on Monday declared a state of emergency giving him broad authority amid growing protests demanding his resignation two days before the country's lawmakers are set to elect a new president.
Read more »
Sri Lanka says IMF bailout talks near end after declaring state of emergency | CBC NewsSri Lanka's acting president Ranil Wickremesinghe said on Monday that the country had almost concluded negotiations with the International Monetary Fund on a bailout package, a day after he declared a state of emergency in the island nation.
Read more »
Sri Lanka's acting president declares emergency amid protestsSri Lanka's acting president on Monday declared a state of emergency giving him broad authority amid growing protests demanding his resignation two days before the country's lawmakers are set to elect a new president.
Read more »
Sri Lanka’s acting president declares emergencyThe government is seeking to calm the social unrest and economic crisis plaguing the island nation
Read more »