The economic and political crisis has developed into madness in Colombo, Sri Lanka
In the past weekend, angry Sri Lankans invaded the Prime Minister’s and President’s homes. The protesters demanded the government leaders resign after breaking past the security of their residence. The Prime Minister and President have since been evacuated for their safety.
The President, Gotabaya Rajapaksa, has resigned and will be officially released from his position on Wednesday, July 13th. Prime Minister Ranil Wickremesinghe has resigned but has not yet announced an official date to leave office.
The protesters said they would not leave the houses until the two officially left office. At the same time, the protesters waited for this announcement and enjoyed swimming in the private swimming pool of the Presidential palace. Not only have they broken into the houses of government officials, but they have also set fire to Wickremesinghe’s home in the capital.
These protests and acts of aggression and violence began in March and escalated to the current state of affairs. The people of Sri Lanka have been suffering because of the economy’s downfall. The government borrowed funding from other nations to help with implications affecting inflation.
Natural disasters such as monsoons and other causes like the ban on chemicals for fertilization have also impacted the cost of living. These factors have dramatically affected the 22 million people living in Sri Lanka, causing harvest to decrease and prices of goods to increase.
The government lowered taxes to combat these devastating effects to stimulate the economy. However, this did not work and caused the government to dig into its reserves. On top of that, the government has also been struggling to pay back its borrowed debt. Their default on debt repayment has caused them to lose access to oversea markets.
The lack of significant and high prices has limited the amount of food, medicine, and fuel the people are receiving. The Prime Minister has declared the state bankrupt. With the country in turmoil, many government ministers have resigned, leading to the dismantling of the cabinet.
As for the future of Sri Lanka, it looks bleak, with no apparent signs of how and when it will re-emerge from a state of bankruptcy.
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