Hindustan Times ST (Mumbai) - Live
Pressure mounts on Sri Lanka leader to quit as economic crisis grows
COLOMBO: Thousands of Sri Lankans rallied in the country’s main business district and Christian clergy marched in the capital to observe a day of protest on Saturday calling on the debt-ridden country’s president to resign, as anxiety and anger over shortages simmered.
Protesters carrying national flags and placards, some bemoaning the hardships through songs, blamed President Gotabaya Rajapaksa and his administration for mismanaging the crisis. He has remained steadfast in refusing to step down even after most of his Cabinet quit and loyal lawmakers rebelled, narrowing a path for him to seek a way out as his team prepares to negotiate with international lending institutions.
“Go home Gota” and “We need responsible leadership,” read the placards. The protest also included a large number of youngsters who had organised themselves through social media and refuse to accept any political leadership. Many carried signs, saying “You messed with the wrong generation!”
The protesters stayed around the president’s office and vowed not to leave until their mission is accomplished.
For months, Sri Lankans have stood in long lines to buy fuel, cooking gas, food and medicines, most of which come from abroad and are paid for in hard currency. The fuel shortage has caused rolling power cuts lasting several hours a day.
The Indian Ocean island nation is on the brink of bankruptcy, saddled with $25 billion foreign debt over the next five years — nearly $7 billion of which is due this year alone — and dwindling foreign reserves. Talks with the International Monetary Fund are expected later this month, and the government had turned to China and India for emergency loans to buy food and fuel.
Much of the anger expressed by weeks of growing protests has been directed at Rajapaksa and his elder brother, Prime Minister Mahinda Rajapaksa, who head an influential clan that has been in power for most of the past two decades. Five other family members are lawmakers, three of whom resigned last Sunday.
Sri Lanka’s business community, which largely funded Rajapaksa’s election campaign, also appeared to ditch the president on Saturday. “The current political and economic impasse simply cannot continue any further, we need a cabinet and interim government within a week at most,” said Rohan Masakorala, head of Sri Lanka Association of Manufacturers and Exporters of Rubber products.
His association joined 22 other business and industry organisations, seeking a change of government, saying daily losses had reached around $50 million due to the fuel shortage alone.