Sri Lanka economic crisis: Protests, power cuts, lack of diesel cripple country
More than 2,000 people held a protest march in Sri Lanka's Colombo and clashed with the police. Forty-five people have been arrested and five police officers were injured following the protest in Mirihana, Nugegoda last night.
- Apr 1, 2022,
- Updated Apr 1, 2022 9:40 AM IST
As Sri Lanka faces its worst economic crisis, police imposed an overnight curfew in several parts of Colombo after protests demanding President Gotabaya Rajapaksa's resignation turned violent.
More than 2,000 people held a protest march in Sri Lanka's Colombo and clashed with the police. Forty-five people have been arrested and five police officers were injured following the protest in Mirihana, Nugegoda last night.
One police bus, one police jeep, two motorbikes were burnt and one water cannon truck damaged, a police spokesperson said. Some protesters clad in motorcycle helmets, dismantled a wall and hurled bricks at police, before setting a bus alight on a road leading to Gotabaya's residence, according to Reuters.
Moreover, Sri Lanka is facing power cuts lasting up to 13 hours per day amid a dwindling supply of fuel. The island nation with huge debt obligations and low foreign reserves is struggling to pay for imports. India has provided a $2.4-bn package of financial assistance in February and March. It is also appointing experts to assist Sri Lanka’s economic recovery.
Diesel was no longer in sale across the country, which crippled the country's transportation system. Petrol was on sale but in short supply. "We are siphoning off fuel from buses that are in the garage for repairs and using that diesel to operate serviceable vehicles," Transport Minister Dilum Amunugama said.
Sri Lankans are already facing shortages of everyday essentials and rocketing prices. Retail inflation hit 18.7 per cent in March over the same period a year ago, the statistics department said on Thursday. Food inflation reached 30.2 per cent in March, partly driven by a currency devaluation and last year's ban on chemical fertilisers that was later reversed.
Besides, The Colombo Stock Exchange (CSE) cut daily trading to two hours from the usual four-and-a-half because of the power cuts for the rest of this week at the request of brokers. Market fell after it opened on Thursday and the CSE halted trading for 30 minutes for the third time in two days after index tracking leading companies dropped by more than 5 per cent.
Meanwhile, Tamil Nadu Chief Minister MK Stalin has sought Prime Minister Narendra Modi’s approval to allow the state government to provide humanitarian aid to Sri Lankan Tamils. Several economic refugees have already reached the state, as unemployment and skyrocketing inflation drive more and more people into desperation.
As Sri Lanka faces its worst economic crisis, police imposed an overnight curfew in several parts of Colombo after protests demanding President Gotabaya Rajapaksa's resignation turned violent.
More than 2,000 people held a protest march in Sri Lanka's Colombo and clashed with the police. Forty-five people have been arrested and five police officers were injured following the protest in Mirihana, Nugegoda last night.
One police bus, one police jeep, two motorbikes were burnt and one water cannon truck damaged, a police spokesperson said. Some protesters clad in motorcycle helmets, dismantled a wall and hurled bricks at police, before setting a bus alight on a road leading to Gotabaya's residence, according to Reuters.
Moreover, Sri Lanka is facing power cuts lasting up to 13 hours per day amid a dwindling supply of fuel. The island nation with huge debt obligations and low foreign reserves is struggling to pay for imports. India has provided a $2.4-bn package of financial assistance in February and March. It is also appointing experts to assist Sri Lanka’s economic recovery.
Diesel was no longer in sale across the country, which crippled the country's transportation system. Petrol was on sale but in short supply. "We are siphoning off fuel from buses that are in the garage for repairs and using that diesel to operate serviceable vehicles," Transport Minister Dilum Amunugama said.
Sri Lankans are already facing shortages of everyday essentials and rocketing prices. Retail inflation hit 18.7 per cent in March over the same period a year ago, the statistics department said on Thursday. Food inflation reached 30.2 per cent in March, partly driven by a currency devaluation and last year's ban on chemical fertilisers that was later reversed.
Besides, The Colombo Stock Exchange (CSE) cut daily trading to two hours from the usual four-and-a-half because of the power cuts for the rest of this week at the request of brokers. Market fell after it opened on Thursday and the CSE halted trading for 30 minutes for the third time in two days after index tracking leading companies dropped by more than 5 per cent.
Meanwhile, Tamil Nadu Chief Minister MK Stalin has sought Prime Minister Narendra Modi’s approval to allow the state government to provide humanitarian aid to Sri Lankan Tamils. Several economic refugees have already reached the state, as unemployment and skyrocketing inflation drive more and more people into desperation.