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Explained: Uncontrollable situation in Sri Lanka amidst inflation and political instability, know what were the five big reasons for the economic crisis

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Sri Lanka Crisis: India’s neighboring country and South Asian nation Sri Lanka is facing unprecedented economic crisis these days. The island is struggling to meet basic needs for its 22 million people. There the situation has become so bad that it has become difficult for the common man to live.

On the other hand, in the midst of a bad economic crisis, now this country is also burning in the fire of violence and riots. Which started when supporters of Prime Minister Mahinda Rajapaksa, who resigned on May 9, attacked anti-government protesters. After that the situation became so uncontrollable that Prime Minister Rajapaksa had to run for his life. Critics are blaming President Gotabaya Rajapaksa and his brother, former prime minister Mahinda Rajapaksa, for driving them into economic trouble. What is the reason for the protest..

1. Serious economic crisis

Sri Lanka began to show signs of an early economic crisis from November 2021, when in mid-November the government ordered the closure of the lone oil refinery due to a lack of dollars to pay for crude oil imports. On the other hand, Sri Lanka is largely dependent on tourism. But tourism was badly hit due to Corona and the government imposed extensive import restrictions in March last year to boost foreign exchange reserves, leading to a shortage of essential goods such as fuel and sugar.

Inflation and food shortage in record numbers started suffocating the citizens. The protesters protesting against the Gotabaya government are considering the government guilty for the current condition of the country. For the past decade and a half, the government in Sri Lanka means only one family and that family is the Rajapaksa family. But now the whole country has come on the road against this family.

2. Mass performance

Due to the economic crisis, people have to wait in long lines for hours to buy essential goods. Apart from this, there has also been a shortage of food, medicines and fuel in the country. At the same time, there has been a huge power cut due to the shortage of oil. Tension and dissatisfaction escalated in late March, when authorities cut power for more than 13 hours, causing people to take to the streets demanding the government’s resignation. But the protesters started demanding the resignation of the Rajapaksa government.

3. Political Crisis

The growing economic crisis in the country gave rise to a serious political crisis. At the beginning of April, the public was very angry and was demanding the resignation of the government. Due to the increasing resentment among the public, the pressure on President Gotabaya Rajapaksa to resign has increased.

The ruling Sri Lanka Podujana Peramuna (SLPP) coalition had 150 votes at the time of the election, but 42 MPs have snapped ties with it. The resignations of 42 MPs left the government on the verge of losing its majority in the House of Representatives.

4. Outbreak of Violence

The growing economic crisis in the country has also encouraged violence. At least eight people were killed and 218 were injured in clashes between government supporters and opponents on Monday.

5. Resignation of Prime Minister

Prime Minister Mahinda Rajapaksa has resigned from the post on 9 May amid the economic crisis and protests in Sri Lanka. Just before resigning, he tweeted, “As the tide of emotions is rising in Sri Lanka, I appeal to the general public to exercise restraint and remember that violence will only spread. In the economic crisis, we need an economic solution which this administration is committed to solve.

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