When Sri Lanka’s President Gotabaya Rajapaksa was exiled by protestors, his government fell apart due to the pandemic and economic problems caused by the Russian invasion of Ukraine.
Despite his newly chosen successor, Ranil Wickremesinghe’s efforts, the country’s economic downturn is too much for the government to handle. Many civilians are now struggling to survive, and thousands have already moved onto the streets of Sri Lanka.
Formerly a prosperous growing country with a high standard of living, Sri Lanka will now be considered one of the first countries facing “political instability.”
Wickremesinghe now faces a nearly impossible task: clear the 51 billion foreign debt from May and solve the food inflation that bankrupted numerous citizens.
Economists worldwidepredict that Sri Lanka’s next step will be to accept the bailout package from the International Monetary Fund. The package will be able “to restore macroeconomic ability and debt substantially” (Masih 1).
During the pandemic, Sri Lanka’s tourist sector dramatically decreased and dropped from 4.38 billion (2018) to 500 million (2022).
The government’s ban on chemical fertilizers to advocate organic farming also “crashed” the agricultural industry.
The last blow occurred when the war in Ukraine impacted the prices of fuel and food. The cost of Sri Lanka’s fuel imports has risen 38% since 2021.
In protests, many civilians began rioting and invaded government buildings and even the homes of the president and the prime minister. When Wickremesinghe took office, the protesters refused to leave the premises.
The protestors have stayed for 100 days and don’t seem to be leaving soon. They describe the president’s actions as “undemocratic.”
Despite his newly chosen successor, Ranil Wickremesinghe’s efforts, the country’s economic downturn is too much for the government to handle. Many civilians are now struggling to survive, and thousands have already moved onto the streets of Sri Lanka.
Formerly a prosperous growing country with a high standard of living, Sri Lanka will now be considered one of the first countries facing “political instability.”
Wickremesinghe now faces a nearly impossible task: clear the 51 billion foreign debt from May and solve the food inflation that bankrupted numerous citizens.
Economists worldwidepredict that Sri Lanka’s next step will be to accept the bailout package from the International Monetary Fund. The package will be able “to restore macroeconomic ability and debt substantially” (Masih 1).
During the pandemic, Sri Lanka’s tourist sector dramatically decreased and dropped from 4.38 billion (2018) to 500 million (2022).
The government’s ban on chemical fertilizers to advocate organic farming also “crashed” the agricultural industry.
The last blow occurred when the war in Ukraine impacted the prices of fuel and food. The cost of Sri Lanka’s fuel imports has risen 38% since 2021.
In protests, many civilians began rioting and invaded government buildings and even the homes of the president and the prime minister. When Wickremesinghe took office, the protesters refused to leave the premises.
The protestors have stayed for 100 days and don’t seem to be leaving soon. They describe the president’s actions as “undemocratic.”
