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Sri Lanka is sinking into an unprecedented political and economic crisis

During a vigil condemning police for shooting protesters in Rambukkana, Colombo on April 19, 2022.

The peaceful protest of Sri Lankans to demand the departure of President Gotabaya Rajapaksa took a dramatic turn on Tuesday, April 19. Police opened fire at the end of the day on protesters who had been blocking a highway and railway line in Rambukkana, about 100 kilometers from Colombo, since morning. One person died, 24 received gunshot wounds. A curfew was imposed. Police justified themselves by saying they were trying to stop the protesters from setting fire to a fuel tank.

Sri Lankans across the country had again rallied en masse to protest the shortage and fuel costs. For two months, motorists had to wait for hours in front of gas stations, dry, hoping to fill their tanks, and the main distributor has decided to suddenly double its prices. Citizens are grabbed by the throat.

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They are paying the high price of an economic and financial crisis of an unprecedented magnitude. The over-indebted Indian Ocean island no longer has sufficient foreign exchange reserves to import essential goods and the fuel needed to run thermal power plants. Residents suffer endless power cuts. After months of hardship, the population expressed its anger on March 16 and has been protesting ever since.

In the capital, protesters occupy the Galle Face esplanade, along the sea, for twelve days and set up camp in front of the presidential palace where large banners proclaim “I have to go home” (“Go home”)

$35 billion in debt

The executive couple, formed by President Gotabaya Rajapaksa and his brother Mahinda, who holds the chair, made little effort. He presented a new government on Monday, April 18, freed from relatives, brother, son, cousin, who until now appropriated the ministerial portfolios. The president admitted two mistakes: he had belatedly requested help from the International Monetary Fund and he overnight banned the use of agrochemicals in May 2021, punishing millions of farmers. A few months later, he reversed that decision.

The street, like the parliamentary opposition, believes that the crisis can only be resolved by the departure of the Rajapaksa duo, which have lost too much legitimacy to implement the necessary reforms. On April 12, the State announced for the first time that it was suspending the service of the foreign national debt, which amounts to USD 35 billion (about EUR 32 billion). The country can no longer repay this burden. The sanction was immediate, the rating agencies downgraded it to the “high-risk” category.

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