Protests Spiral as Sri Lanka Crisis Deepens, Health Emergency Declared Amid Vanishing Forex Reserves

New Delhi: Battling an unprecedented economic crisis, Sri Lanka on Tuesday shut down its embassies in Norway, Iraq, and Consulate General in Australia which, the Sri Lankan Foreign Ministry said was done due to the current economic situation and foreign currency constraints.Also Read – Sri Lanka Shuts Embassies in Norway, Iraq; Consulate General in Australia Amid Economic Crisis

Meanwhile, protests continued across the country and outside the house of Prime Minister Mahinda Rajapaksa as the Forex reserves of the island nation plummeted to USD 500 million. Also Read – Sri Lanka’s Newly Appointed Finance Minister Resigns Within a Day Over Economic Crisis

Here Are The Big Developments of The Day Also Read – Sri Lanka Crisis A Boon For Indian Tea Exporters? Know What Experts Have To Say

1. Earlier in the day, President Gotabaya Rajapaksa’s ruling coalition lost its majority in the parliament after at least 41 lawmakers walked out of the alliance amid unrest over the economic crisis.
2. President Rajapaksa had on Monday invited the country’s Opposition to join and form a “Unity Government”. The Opposition, however, rejected the invitation, terming it as “nonsensical” and instead demanded his resignation over the country’s worsening shortage of food, fuel, medicines, and other essential commodities.
3. Sri Lanka’s ruling coalition faced more trouble after the newly appointed Finance Minister Ali Sabry resigned even as dissident lawmakers, led by former president Maithripala Sirisena, were planning to quit the government against the backdrop of nationwide protests over the country’s worst economic crisis.
4. Sri Lanka’s fishing industry has suffered badly as the fishermen are facing an acute shortage of fuel for their boats and hence are unable to head out to sea. Fishing is a major livelihood for Northern Tamils and the fuel shortage has hit their livelihood severely.
5. Lawyers and students hit the streets today, marching in the rain, despite police warning to protesters.
6. Because of the severe drug shortage in the country, an “emergency health” situation has been declared from Tuesday.
7. India on Saturday delivered 40,000 MT of diesel to Sri Lanka which was India’s fourth consignment of fuel delivered to Sri Lanka under the line of credit (LoC).
8. The International Monetary Fund (IMF) has said it is monitoring the political and economic developments in the island nation “very closely”.
9. Forex reserves of the island nation plummeted to USD 500 million.
10. All this while, President Rajapaksa has been defended his government, saying the foreign exchange crisis was not his making and the economic downturn was largely pandemic driven with the island nation’s tourism revenue and inward remittances declining.