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Sri Lanka Crisis Latest News: Reeling under the worst economic turmoil since its Independence in 1948, the island nation of Sri Lanka witnessed some major political developments that may pave for resolution amid intense public outrage. From long lines outside petrol pumps to power cuts to sky-rocketing rates of common food items, people of Sri Lanka are hard-hit by the crisis. While many have blamed the loan taken from China as the major reason, others have blamed the poor decisions taken by the Lankan government that has dented the economic growth of the island nation. Here are the top updates from Sri Lanka that you should know:
1: Sri Lankan President Gotabaya Rajapaksa on Monday invited the members of the Opposition to take the portfolios in the government and find a solution for the economic crisis. The decision came after all 26 ministers submitted their resignations on Sunday evening. No reason has been issued regarding the mass resignation by the Lankan Cabinet.
2: In another development, the Sri Lankan President sacked the nation’s Finance Minister, who is also his brother. Basil Rajapaksa’s removal as the Lankan Finance Minister is seen as an attempt by the President to silence the criticism. Basil Rajapaksa was scheduled to visit the US for the meeting with the International Monetary Fund officials for a possible bailout.
3: Now, Sri Lanka has got a new Finance Minister. Ali Sabry, who was the Justice Minister till Sunday, has been appointed as the new finance minister.
4: The trend of top officials resigning is not ending in Sri Lanka. After the Cabinet Ministers, now Sri Lanka’s Central Bank Governor has also resigned from his post. Ajith Nivard Cabraal took to Twitter to make the official announcement. The 67-year-old has been known as someone who has staunchly opposed the IMF help.
5: With scarcity of the foreign exchange, Sri Lanka is deep in debt and is unable to pay for fuel imports among other things. The nationwide protests continued on Monday as well. In Tangalle, protesters broke police barricading amid anti-Gotabaya Rajapaksa chants. Colombo Stock Exchange’s All Share Index remained in deep red after brief green spike.
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