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Today Date : Monday, September 25, 2023

Economic crisis in Sri Lanka: Opposition brings resolution to remove Gotabaya Rajapaksa

Economic crisis in Sri Lanka: Opposition brings resolution to remove Gotabaya Rajapaksa

As the economic crisis in Sri Lanka intensifies day by day and the political turmoil, on the one hand, the country's main opposition party, the Samagi Jana Balawegaya (SJP), has said it is ready to bring a no-confidence motion and an impeachment motion against the president.

Sri Lanka is facing an unprecedented economic crisis. Thus there is a great shortage of essential commodities. Prices of food, and fuels, including petrol and diesel, have risen sharply. People have been affected as the power outage lasted for up to 13 hours.

As protests intensified across the country, all Sri Lankan ministers resigned. Subsequently, the government is functioning with an interim cabinet. In this situation, the people's protest is going on relentlessly, demanding the resignation of President Gotabaya Rajapaksa and Prime Minister Mahinda Rajapaksa.

All university students in Sri Lanka took part in the protest outside parliament yesterday (Friday). Tensions continued as clashes erupted with police during the protest.

It is in this context that the country's main opposition party, the Samagi 
Jana Palavekaya (SJP), has said it is ready to bring an impeachment resolution against the president. The opposition had already brought a no-confidence motion against the government. 

Opposition leader Sajid Premadasa said, “The president should resign. He has all the power in his hands. Powers should be devolved to the parliament, the judiciary and the administration. ”

Meanwhile, the Central Bank of Sri Lanka has doubled its interest rates. Interest rates have been raised by 700 basis points to control inflation. 

Addressing the Sri Lankan parliament yesterday, Finance Minister Ali Sabry said, “Efforts should be made to restructure the country's debt. Non-repayment of the loan will create the greatest risk. Our trade deficit is  8 billion dollars.

 We need to make sure we are going to ensure food for our people or we are going to repay the debt.The consequences can be devastating if the debt is not repaid. So while protecting the people, the debt must be restructured and repaid. ”