WHAT IS ACTUALLY HAPPENING IN SRI LANKA?
Sri Lanka, formerly known as Ceylon one of the countries in Southeast Asia, home to diverse cultures, famous for its islands, temples, and heritage sites that shares its border with India and Maldives.
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From the Taliban conquering Afghanistan, the execution of Nirbhaya convicts, the election of Joe Biden as the President of the US and the first people of color to ever hold such a prestigious post as that of Vice-President i.e, Kamala Harris, the pandemic causing the death of several civilians, Russia invading Ukraine, to the conflict that has been administered in Yemen and Syria, in the past decade we have seen it all. Never would have reckoned that in 2022, particularly Sri Lanka would be facing one of its biggest Crises ever.
HISTORY OF SRI LANKA'S GOVERNMENT.
To begin with, it is the duty of the state to look after the
Nation and its Countrymen. The Democratic Socialist Republic of Sri Lanka
adopts Constitution as the Supreme Law of the Land and follows a Unitary State.
The Legislative power is exercised by Parliament, Executive Power is exercised
by President and Judicial Power is exercised by Parliament through Courts,
Tribunal, and Institutions.
Looking at the appointment of Prime Ministers who had ruled Sri Lanka
|
21 April |
9 January |
|
9 January |
26 October |
|
26 October |
15 December |
|
16 December |
21 November |
|
21 November |
9 May |
|
12 May |
Incumbent |
Current PM. Rani Wickremesinghe is on his sixth term as a PM
of Sri lanka who was appointed by President Gotabaya Rajapaksa. The President’s elder brother, Mahinda
Rajapaksa (quits 21st Nov 2019) quits his residency as the new PM
R.Wickremesinghe was appointed. However,
PM. R.’s popularity fell into a pit after a series of bombarding during Easter on
2019, killing more than 250 people.
SCENARIO TODAY
The country fell into Economic Crisis when PM. Mahinda Rajapaksa and his brother along with President Gotabaya Rajapaksa moved to change the tax structure and reduced high corporate taxes, which resulted in the country’s deficit swelling. Soon after covid-19 is when the economy of the country starts to drift apart. As it is quite too common for the countries to seek aid in case of a crisis, however, the country also has significant debt and was due to pay £5.7bn this year, with its total foreign debt standing at £41.5bn. The pandemic torpedoed its pivotal tourism industry.
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The anger of civilians towards the President Gotabaya Rajapaksa managing the current affair resulted in them a protest which turned out to be a riot as the supporters on Government’s behalf came and fought the civilians.
SCENARIO TODAY,
20TH MAY, 2022.
Hundred of Civilians are seen waiting in lines to refuel their
vehicles in Colombo, however, the Power and Energy Minister had pronounced on
shortage in the supply of fuel. Kanchana
Wijesekera, power and energy minister shared that some organized groups had threatening
to set the fuel stations on fire.
Harin Fernando, new Tourism and Lands Minister was
appointed. One of the major sources of the country’s economy is with the help of
tourism.
As a result of the ongoing crisis, all the
National schools for children have been halted temporarily.
There have been power cuts, and a lack of medicines has
brought the health system to the verge of collapse.
Sri Lanka’s Prime Minister has warned of a food shortage as the island nation battles a devastating economic crisis
and promises to buy enough fertilizer for the next planting season to boost
harvests. A decision in April last year by President Gotabaya Rajapaksa to ban
all chemical fertilizers drastically cut crop yields and although the
government has reversed the ban, no substantial imports have yet taken place.
Should Rajapaksa be accountable?
Sri Lanka is on a debt interest of $78m (63pounds) resulting
in the biggest crisis in the Country. Sri Lanka owes $50bn (£40bn) to foreign
creditors but says it cannot pay them. It is asking for a loan from the
International Monetary Fund (IMF). The country’s inflation is now running at 30%. However, the government
blames the Covid pandemic, which affected Sri Lanka's tourist trade - one of
its biggest foreign currency earners. It also says tourists have been
frightened by a series of deadly bomb attacks on churches in 2019.
Looking back, during the civil war, of 2009, Sri Lanka chose to invest in the domestic market and neglected the foreign ones, which
resulted in the income from exports remaining low where the bills for imports
are superseded. The graph of Sri Lanka's import now is $3bn.
The civilians had been criticizing the government for taking
unnecessary unmanaged infrastructure projects with a lack of good planning of
execution which has now invited the crisis.
Much of the popular anger for the economic crisis which
followed has been directed at President Gotabaya Rajapaksa and his brother,
Mahinda, who he appointed to be prime minister, but then dismissed in May, in
the face of widespread protests. Not only that, the government has been blamed
for the tax cuts, in 2019. Further, to reduce the foreign shortage, the government
tried banning the import of chemical fertilizers and ordered local farmers
to only use locally sourced organic fertilizers. in 2021.
Due to the increase in the inflation rate, PM. Wickremesinghe
has hinted that it may have to privatize the State-owned Airlines.
Needless to say, the Government is left with $50bn in foreign debt. Yet, the government is seeking emergency bridging loans of $3bn from the International Monetary Fund (IMF) so it can pay. The world bank also has agreed to lend a sum of $600m to Sri Lanka. India has committed to lend $1.9bn and an additional $1.5bn for imports along with an aid of 65,000 tonnes of fertilizers and 4,00,000 tonnes of fuel. However, Sri Lanka owes $6.5bn to China and the two are in talks on how to restructure the debt. However, the government of Nepal had decided to give two-day weekend as a strategy to bar the upcoming crisis that the country is likely to face. As the current financial structure of our country is on the verge of collecting aid, grants, and even loans from the developing nations, Will the strategic move of the Government help the country in development is the actual question? However, unlike Sri Lanka, the tourism market of Nepal has already started to overcome its losses which is a good sign for the country as well as the foreign remittance are posed to increase.
[ As the purpose of this Blog is to educate the citizens and non-citizens concerning the ongoing situation in Sri Lanka. Here, I have provided on-ground reality and compiled few contentions provided by the Government of Sri Lanka i.e, available online with respect to the aforesaid content. There are various other Acts and Cases that I haven't mentioned in this blog as the spectrum differs, but will surely provide information in the near future.]
YASHASWEE THAPA
ADVOCATE
BAR COUNCIL OF NEPAL.
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