Sri Lanka

2022 - 7 - 9

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Sri Lanka's president to resign after being chased from home (Eyewitness News)

Hundreds of thousands of people massed in the capital Colombo to demand the government take responsibility for mismanaging the nation's finances, ...

Cricket officials said there were no plans to change their schedules, adding that the sport was unaffected by the political turmoil. "The curfew was not a deterrent. The government has defaulted on its $51 billion external debt and is seeking an International Monetary Fund bailout. But that failed to placate protesters, who stormed the premier's private residence and set it alight after night fell. Others were seen laughing and lounging in the stately bedrooms of the residence, with one pulling out what he claimed was a pair of Rajapaksa's underwear. Soon after they stormed the presidential palace, Rajapaksa's nearby seafront office also fell into the hands of protesters.

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Image courtesy of "The Washington Post"

What to know about the upheaval in Sri Lanka (The Washington Post)

Sri Lanka's president is set to resign after demonstrators stormed his home and office Saturday to protest the government's handling of a dire economic ...

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Image courtesy of "Aljazeera.com"

Sri Lanka's president: Civil war victor brought down by protests (Aljazeera.com)

President Gotabaya Rajapaksa did not start out in life as a politician, unlike his elder brother Mahinda.

Hit hard by the COVID-19 pandemic and populist tax cuts, Sri Lanka fell into its worst economic crisis since the end of colonial rule. Taking early retirement he emigrated to the United States, where he worked in information technology. Local armed groups allegedly affiliated with ISIL (ISIS) were blamed for the attacks. He reappointed Mahinda as prime minister and a slew of other relatives into ministerial roles, cementing the Rajapaksa family as one of the most dominant in Sri Lanka’s post-independence history. His campaign was little affected by two lawsuits in the United States that accused him of involvement in the abduction and murder of a journalist, as well as being complicit in the torture of a man belonging to the ethnic Tamil community. After the dramatic storming of the president’s official residence by thousands of protesters on Saturday, the speaker of parliament said in a video statement that Rajapaksa had informed him that he would step down on July 13.

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Sri Lanka protests: thousands storm president's residence in Colombo (The Guardian)

Demonstrators break in shouting slogans against Gotabaya Rajapaksa, who has been moved for his safety.

However, despite mass protests and enduring public calls for the president to resign, he has so far refused. Images from the scene showed protesters flooding up the grand staircase of the colonial-era building chanting calls for the president to go. According to the defence ministry, Rajapaksa had been relocated from the house on Friday and taken into military protection over concerns that the planned protest would escalate.

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Sri Lanka protesters break into President's House as thousands rally ... (CNN)

Protesters broke into the Sri Lankan leader's official residence in Colombo on Saturday as more than 100000 amassed outside, according to police, ...

Schools have been suspended and fuel has been limited to essential services. A police curfew that was earlier imposed in several police divisions in the Western Province of Sri Lanka was lifted on Saturday. Several politicians and the Bar Association in Sri Lanka referred to the curfew as being "illegal," saying there had been no instances of violence to justify imposing the measure. At least 31 people, including two police officers, have been injured in the protests and are receiving treatment, according to the National Hospital of Sri Lanka (NHSL). Two of the injured are in critical condition, according to police.

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Sri Lankan demonstrators enter president's residence amid ... (NPR)

Thousands of people demonstrated in the capital against the island nation's worst economic crisis in recent memory and demanded President Gotabaya Rajapaksa ...

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Sri Lanka PM offers resignation after protesters storm president's ... (CNBC)

Sri Lanka Prime Minister Ranil Wickremesinghe is willing to resign to make way for all-party government, his office said in a statement on Saturday, ...

The Speaker can appoint a new all-party government but whether they will be accepted by the protesters remains to be seen," said political analyst Kusal Perera. The fertilizer ban was reversed in November. We will not stop until he listens to us," Perera said. If that does not happen political instability will worsen," said Sri Lanka Freedom Party leader and former president Maithripala Sirisena, speaking before Wickremesinghe had offered his resignation. Reuters could not immediately confirm the president's whereabouts. Sri Lanka Prime Minister Ranil Wickremesinghe is willing to resign to make way for all-party government, his office said in a statement on Saturday, after thousands of protesters stormed the president's official residence in Colombo.

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Sri Lanka Latest: PM to Step Down to Make Way for New Government (Bloomberg)

Sri Lanka Prime Minister Ranil Wickremesinghe will step down nearly two months after taking the position, making way for a new government after Saturday's ...

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Sri Lanka president flees as protesters storm home (Eyewitness News)

Huge crowds had surrounded the leader's home to demand his resignation, blaming government mismanagement for the painful downturn.

Authorities said they had deployed nearly 20,000 troops and police officers for a security operation to protect the president. The colonial-era state mansion is one of Sri Lanka's key symbols of state power and officials said Rajapaksa's departure raised questions as to whether he intended to remain in office. As protesters surged at the gates of the President's Palace, troops guarding the compound fired in the air to hold back the tide until Rajapaksa was safely removed, a top defence source told AFP on condition of anonymity.

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Sri Lanka Latest: President, PM to Resign After Chaotic Protests (Bloomberg)

Sri Lanka's President Gotabaya Rajapaksa and Prime Minister Ranil Wickremesinghe will resign after angry protesters stormed their homes, giving into popular ...

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Sri Lanka leader flees as protesters storm home, office (News24)

Sri Lanka's President Gotabaya Rajapaksa fled his official residence shortly before protesters, angered by an unprecedented economic crisis, overran the ...

"The curfew was not a deterrent, in fact it encouraged more people to get on the streets in defiance," the defence official said. Hundreds of thousands of people massed on the streets around the leader's home, according to police estimates, to demand he step down over the government's mismanagement of the unprecedented downturn. - Hundreds of thousands of people massed on the streets around the leader's home, according to police estimates, to demand he step down over the government's mismanagement of the unprecedented downturn. "The president was escorted to safety," a top defence source told AFP on condition of anonymity. After storming the gates of the presidential palace, hundreds of people could be seen in live broadcasts on social media walking through its rooms, with some among the boisterous crowd jumping into the compound's pool. - Hundreds of people could be seen in live broadcasts on social media walking through the rooms of the presidential palace.

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Sri Lanka crisis timeline: from galloping inflation to a president's ... (The Guardian)

The country's president offered his resignation after months of protests against lengthy blackouts, acute food and fuel shortages.

Rajapaksa later offers to step down on 13 July, parliamentary speaker Mahinda Abeywardana says in a televised statement. The United Nations warns that Sri Lanka is facing a dire humanitarian crisis, with millions already in need of aid. The top police officer in Colombo is assaulted and his vehicle set ablaze. The next day the IMF says it has asked Sri Lanka to restructure its colossal external debt before a rescue package can be agreed. Almost all of Sri Lanka’s cabinet resigns at a late-night meeting, leaving Rajapaksa and his brother Mahinda - the prime minister - isolated. Here is a look back at how the crisis has unfolded:

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Calm in Sri Lanka as president, premier to quit over economic collapse (Reuters)

Calm returned to the streets of Sri Lanka's commercial capital Colombo on Sunday and protesters were jubilant as President Gotabaya Rajapaksa agreed to ...

The speaker had outlined proposals from a meeting of political parties on Saturday that would include parliament picking an acting president within a week. Some took selfies of the polished interiors, a striking contrast to the misery many have endured. The fertiliser ban was reversed in November. Others set fire to the private home of Prime Minister Ranil Wickremesinghe, who also agreed to resign to make way for an all-party government. Register now for FREE unlimited access to Reuters.com Register now for FREE unlimited access to Reuters.com

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As Sri Lanka's Rajapaksa agrees to step down, singing on streets ... (CNN)

Sri Lanka woke on Sunday to an uncertain future, with both its President and Prime Minister set to step down after thousands of protesters stormed their ...

If both Wickremesinghe and Rajapaksa resign, under the Sri Lankan constitution, the speaker of parliament will serve as acting president for a maximum of 30 days. Fellow journalists who rushed to their aid were then also attacked, Newsfirst reported. Two of the journalists from the Sri Lankan TV channel Newsfirst had their cameras rolling at the time. Among those injured is a lawmaker from eastern Sri Lanka, she added. Protesters also targeted Prime Minister Ranil Wickremesinghe, setting on fire his private residence on Fifth Lane, an affluent neighborhood in the capital. Images show demonstrators inside the whitewashed colonial-era building and hanging banners from the balcony.

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Image courtesy of "Aljazeera.com"

Sri Lanka hopes to install new gov't after day of chaos and rage (Aljazeera.com)

Firefighters try to douse a fire at the Sri Lankan prime minister Ranil Wickremesinghe's private residence · Demonstrators protest inside the President's House ...

IMF officials told reporters they were hoping for the situation in Sri Lanka to improve. The economic crisis in Sri Lanka began earlier this year after its government suspended repayment of foreign loans due to a foreign currency shortage. The slogan, “Gota Go Home” was a consistent call, referring to the beleaguered president. A woman who came with her two teenage daughters told Al Jazeera she wanted to see how the presidents lived. The leaders are responsible for what has happened to this country,” K Chandra, a demonstrator, told Al Jazeera. On Sunday morning, many protesters were still camping in the president’s official residence.

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Photos: All that happened in Sri Lanka on big day of protests (Aljazeera.com)

On island's most chaotic day in months amid economic crisis, protesters storm president's residence and torch PM's home.

The protesters later broke into Prime Minister Ranil Wickremesinghe’s private residence and set it on fire. Outrage over Sri Lanka’s collapsing economy came to a boil on Saturday when tens of thousands of protesters stormed the colonial-era residence of President Gotabaya Rajapaksa and later set the prime minister’s house on fire. On the island’s most chaotic day in months, protesters storm president’s residence and set PM’s home on fire in rage over the economic crisis.

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Image courtesy of "The Washington Post"

Sri Lanka's president and prime minister offer to step down, but ... (The Washington Post)

Protesters stormed the home of President Gotabaya Rajapaksa and set Prime Minister Ranil Wickremesinghe's home ablaze over the country's economic collapse.

“My demand is that we have honest and educated people appointed from the present parliament to take us out of this immediate mess.” Visuals from local media showed a stream of visitors walking through an imposing stairway at the president’s home. Announcements were made to not steal or harm the property. Aid groups say nearly a quarter of the country’s 22 million residents are in need of food assistance. The Senate Foreign Relations Committee, in a tweet, said President Rajapaksa had lost the confidence of the Sri Lankan people. “It was the might of the people on show,” he said. Namal Ratnayake, 40, was part of the protesting crowd that marched toward the president’s office. Ganeshan Wignaraja, an economist at ODI, a U.K.-based global affairs think tank who has been involved in the IMF discussions described the economic situation as “hugely challenging.” In May, similar large-scale protests led to the resignation of Rajapaksa’s older brother Mahinda as prime minister and other family members. The anger over continued economic distress spilled over again, this time in greater force. He had moved out of his home a day ahead of the protests, and his whereabouts remain unknown. On Saturday, angry crowds stormed the presidential residence and office, and celebrated their victory by diving into the swimming pool and lounging on his bed.

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What's Happening in Sri Lanka? What to Know About the Protests ... (The Wall Street Journal)

Public anger over the country's economic crisis has forced the president and prime minister to agree to resign · Demonstrators in Colombo. · Protesters swimming ...

You may cancel your subscription at anytime by calling Customer Service. Monthslong antigovernment demonstrations took a dramatic turn on July 9, when police were unable to hold back large crowds of protesters who stormed and occupied the official residences of President Gotabaya Rajapaksa and Prime Minister Ranil Wickremesinghe. Protesters also set fire to Mr. Wickremesinghe’s private home. Sri Lanka’s sovereign-debt crisis has crippled its economy and sparked months of political turmoil and public unrest.

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Explained: Why Sri Lanka's economy collapsed, and what's next for ... (The Indian Express)

On Saturday, both PM Wickremesinghe and President Gotabaya Rajapaksa agreed to resign amid mounting pressure from protesters who stormed both their ...

Meanwhile, the Sri Lankan rupee has weakened in value to about 360 to the US dollar. The prime minister appeared to be underscoring the challenges facing his government as it seeks help from the IMF and confronts criticism over the lack of improvement since he took office weeks earlier. Earlier in June, the United Nations launched a worldwide public appeal for assistance. The stark declaration in June by Wickremesinghe, who is in his sixth term as prime minister, threatened to undermine any confidence in the state of the economy and didn’t reflect any specific new development. The government needed to boost its revenues as foreign debt for big infrastructure projects soared, but instead Rajapaksa pushed through the largest tax cuts in Sri Lankan history. The tax cuts were recently were reversed, but only after creditors downgraded Sri Lanka’s ratings, blocking it from borrowing more money as its foreign reserves sank. Growing numbers of Sri Lankans are seeking passports to go overseas in search of work. The push for organic farming caught farmers by surprise and decimated staple rice crops, driving prices higher. And its currency has collapsed by 80 per cent, making imports more expensive and worsening inflation that is already out of control, with food costs rising 57 per cent, according to official data. Tourism, an important engine of economic growth, has sputtered because of the pandemic and concerns about safety after terror attacks in 2019. Sri Lankans are skipping meals as they endure shortages and lining up for hours to try to buy scarce fuel. Tropical Sri Lanka normally is not lacking for food, but people are going hungry.

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How Sri Lanka spiralled into crisis (Independent Online)

Sri Lanka's economic crisis looks to have finally toppled President Gotabaya Rajapaksa. Rajapaksa has not commented directly but he plans to step down on July ...

The crisis has crippled Sri Lanka, once seen as a model for a developing economy. Fuel shortages have led to long queues at filling stations as well as frequent blackouts, and hospitals have run short of medicine. Months later, the COVID-19 pandemic struck. For months, opposition leaders and some financial experts urged the government to act, but it held its ground, hoping that tourism would bounce back and remittances would recover. Analysts say that economic mismanagement by successive governments has weakened Sri Lanka's public finances, leaving national expenditure in excess of income and the production of tradable goods and services at inadequate levels. Rajapaksa has not commented directly but he plans to step down on July 13, the country's parliamentary speaker said on Saturday, bowing to intense pressure after a violent day of protests in which demonstrators stormed the president's official residence and set fire to the prime minister's home in Colombo.

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Sri Lanka opposition hopes to install new gov't amid turmoil (WBFO)

Sri Lanka's opposition political parties will meet Sunday to agree on a new government a day after the country's president and prime minister offered to ...

The government must submit a plan on debt sustainability to the IMF in August before reaching an agreement. Its total foreign debt amounts to $51 billion, of which it must repay $28 billion by the end of 2027. He later moved into a house in Colombo. Thousands of protesters entered the capital Colombo on Saturday and swarmed into Rajapaksa's fortified residence. Rajapaksa appeared to have vacated his residence before it was stormed, and government spokesperson Mohan Samaranayake said he had no information about his movements. Protesters remained in President Gotabaya Rajapaksa's home, his seaside office and the prime minister's residence, saying they will stay until they officially resign.

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Why Sri Lanka's economy collapsed and what's next: Explained | Mint (Livemint)

Sri Lanka with an acute foreign currency crisis that resulted in foreign debt default, had announced in April that it is suspending nearly $7 billion ...

Meanwhile the Sri Lankan rupee has weakened in value to about 360 to the U.S. dollar. The prime minister appeared to be underscoring the challenges facing his government as it seeks help from the IMF and confronts criticism over the lack of improvement since he took office weeks earlier. Earlier in June, the United Nations launched a worldwide public appeal for assistance. The stark declaration in June by Wickremesinghe, who is in his sixth term as prime minister, threatened to undermine any confidence in the state of the economy and didn’t reflect any specific new development. Sri Lanka has suspended repayment of about $7 billion in foreign loans due this year out of $25 billion to be repaid by 2026. The government needed to boost its revenues as foreign debt for big infrastructure projects soared, but instead Rajapaksa pushed through the largest tax cuts in Sri Lankan history. Growing numbers of Sri Lankans are seeking passports to go overseas in search of work. The tax cuts were recently reversed, but only after creditors downgraded Sri Lanka’s ratings, blocking it from borrowing more money as its foreign reserves sank. And its currency has collapsed by 80%, making imports more expensive and worsening inflation that is already out of control, with food costs rising 57%, according to official data. The push for organic farming caught farmers by surprise and decimated staple rice crops, driving prices higher. Another group of protesters entered the private residence of Prime Minister Ranil Wickremesinghe and set it on fire. Tropical Sri Lanka normally is not lacking for food, but people are going hungry.

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Live Updates: Sri Lanka in Turmoil As Protests Grow (The New York Times)

The speaker of Parliament says President Gotabaya Rajapaksa has agreed to resign, but the president has not been seen since protesters stormed the official ...

Mr. Wijewardena said that in the days to come, Sri Lankans would have to sacrifice modern comforts. The South Asian nation has run out of foreign currency to pay for fuel, bringing its economy grinding to a halt. The country is still in negotiations with the International Monetary Fund to restructure billions of dollars in foreign debt, on which it has defaulted. As the country’s economy appeared to be headed for a crash, he made his brother Basil Rajapaksa the minister of finance last July. The situation has grown so desperate that Sri Lanka has asked President Vladimir V. Putin of Russia for a credit line to buy fuel. Officials have said that many of its traditional fuel suppliers are reluctant to sell to the country, as the state oil company is mired in debt it is struggling to pay off. Mr. Abeywardena, in a televised statement, said the president had informed him he would resign on July 13, “to ensure a peaceful transition of power.” Officials at the Defense Ministry and in the army did not immediately respond to questions about Mr. Rajapaksa’s location. By the evening, Prime Minister Ranil Wickremesinghe, who took office only in May and was also facing demands to resign, said he would step down, saying he had “the safety of all citizens” in mind. Mahinda Yapa Abeywardena, the parliamentary speaker and an ally of the president, announced the development at the end of a chaotic day. In the official residence of President Gotabaya Rajapaksa, who had fled to an unknown location the day before, the protesters swam in the clear blue water of an outdoor pool, while others crowded around the edges. The president, he said, will resign on Wednesday “to ensure a peaceful transition of power.”

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Sri Lanka Crisis Flashes Warning for Other Indebted Economies (The Wall Street Journal)

Protests in Sri Lanka, which forced out the president and prime minister, signal tough choices ahead for other countries with high debt and shortages of ...

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Occupy Temple Trees: Sri Lankans revel in overrun presidential ... (The Guardian)

Protesters turn compound into community kitchen and museum as they demand president's resignation.

By Sunday morning, it was decided the secretariat building would be opened up as a public library, and its corridors began to be filled with donated books. Bundles of cash reportedly worth LKR 15 million foundstashed at the president’s house were counted and then handed over to security personnel. Scenes at Rajapaksa’s official residence, which was occupied by the public on Saturday, remained jubilant. Kumara, a 33-year-old government employee who was at the residence, told Reuters he was not moving until Rajapaksa stepped down. People from all walks of life milled freely around the marble corridors, having lunch, relaxing on the lawn and taking advantage of the well-equipped gym for a workout. The official owner, Wickremesinghe, was nowhere to be seen, having been evacuated from the property the previous day.

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PHOTOS: Sri Lanka protesters occupying mansions make ... (Business Insider)

Protesters who have occupied Sri Lanka's presidential and prime ministerial residences say they will stay put until the leaders officially quit.

"They enjoyed super luxury while we suffered," Chandrawathi continued. The protesters who have occupied the Sri Lankan presidential and prime ministerial residences say they will remain there until the leaders officially quit, according to reports. - The protest leaders said they would stay put until the country's leaders leave office, per reports.

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Sri Lankan opposition parties plan unity government after president ... (The Guardian)

Prime minister as well as Rajapaksa will step down after months of protests culminated in attacks on their homes.

But it was not followed up by an official address or letter of resignation and on Sunday he still remained in hiding, reportedly under the protection of the military. President Rajapaksa had been facing months of sustained protests calling for him to step down from power but he had repeatedly refused. Wickremesinghe, whose private residence was set alight by protesters on Saturday, emphasised that the country was facing critical times and needed a stable government. Many of the protesters who have been demonstrating against President Rajapaksa are not supportive of many of the MPs, who they view as still part of the political establishment that caused Sri Lanka’s downfall. Soldiers were deployed around the city and the chief of defence staff, Shavendra Silva, called for public support to maintain law and order. The president’s whereabouts was unknown.

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Sri Lanka protesters staying put until president, PM leave office (Aljazeera.com)

Thousands occupying the presidential palace are determined to stay until both the president and PM step down officially.

The economic crisis in Sri Lanka began earlier this year after the government suspended repayment of foreign loans due to a foreign currency shortage. Opposition parties were meeting in the capital on Sunday to agree on a new government. “Farmers are not being able to cultivate, fisherman have not been able to go to the sea … so support for regime change is island wide,” Kadirgamar said. Wickremesinghe had been part of crucial talks with the IMF for a bailout programme and with the World Food Programme to prepare for a predicted food crisis. Playwright Ruwanthie de Chickera told a news conference at the main protest site in Colombo: “The president has to resign, the prime minister has to resign and the government has to go”. Protesters in Sri Lanka’s capital Colombo continue to occupy the offices of the president and prime minister for a second consecutive day, vowing they will stay put until both officially have resigned.

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Your Monday Briefing: Sri Lanka in Turmoil (The New York Times)

Good morning. We're covering the resignation of Sri Lanka's president, election results in Japan and Russia's bombardment of Donetsk, Ukraine.

Now, at least one has returned to the city’s streets, thanks to two pilots who pooled their savings to buy and restore the relic. “All my memories came back,” said one woman who used to ride hot dog buses in high school and who brought her 4-year-old son for the experience. Last week, Russia established a civilian administration and unveiled a new flag in border areas under its control — a sign, analysts said, that Moscow plans to annex the territory. “Back then, there was freedom, money and a whole lot of warmth,” Tong, 35, said. Russia has aggressively moved to take the entire Donbas region of Ukraine after seizing the Luhansk province last week. With inflation pressures mounting, the yen weakening, the war in Ukraine heightening fears of energy shortages and coronavirus infections rising, it could be a harder sell than ever. Maria Ressa, the Nobel Prize laureate, lost her appeal against a cyberlibel conviction and could face a lengthy prison sentence,The Guardian reports. It’s unclear what the next government will look like and what it can do immediately to address shortages of food, medicine, fuel and other essentials. But without him, the will to push revisions through a difficult parliamentary process could wane. Rajapaksa himself has not yet addressed the reports that he plans to resign later this week, and it’s unclear who is in charge. - Updates: To receive the latest updates in your inbox,sign up here. South Korea is known for its blazing broadband and innovative devices.

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Sri Lanka protesters vow will not let up until president, PM quit (News24)

Leaders of Sri Lanka's protest movement said they would occupy the residences of the president and prime minister until they finally quit office.

They then moved on to the president's office and the prime minister's official residence. Frustration with the economic crisis boiled over on Saturday when a huge crowd of protesters surged passed armed guards into the colonial-era presidential palace and took it over. The government has asked people to work from home and closed schools in an effort to conserve fuel. Wickremesinghe's office said he would also quit, although neither he nor Rajapaksa could be contacted. I wanted my kids and grandkids to see the luxurious lifestyles they were enjoying." Members of the security forces, some with assault rifles, stood outside the compound but did not stop people from going in.

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Sri Lanka opposition meets to name new government amid turmoil (Saanich News)

Protesters stormed the president and prime minister's homes over the country's economic crisis.

“I unite myself to the pain of the people of Sri Lanka, who continue to suffer the effects of the political and economic instability,’’ the pontiff said. “If these kinds of incidents keep on going, we can wave bye-bye to the IMF and any international assistance that is going to come to the country,” he said. Its total foreign debt amounts to $51 billion, of which it must repay $28 billion by the end of 2027. The government must submit a plan on debt sustainability to the IMF in August before reaching an agreement. The chief of defense staff, Shavendra Silva, called for public support to maintain law and order. Protesters remained in President Gotabaya Rajapaksa’s residence, his seaside office and the prime minister’s home, saying they would stay until the resignations are official.

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Sri Lanka Crisis Flashes Warning for Other Indebted Economies (The Wall Street Journal)

Protests in Sri Lanka, which forced out the president and prime minister, signal tough choices ahead for other countries with high debt and shortages of ...

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Sri Lanka Latest: Succession in Focus After Tumultuous Weekend (Bloomberg)

Sri Lanka's opposition parties are trying to cobble together an all-party government and pick candidates who can take over after President Gotabaya ...

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Pope Francis implores leaders of Sri Lanka to listen to the cries of ... (The Catholic Telegraph)

by Hannah Brockhaus · Sri Lankan President Gotabaya Rajapaksa announced on Sunday he will step down this week after months of protests in his country over the ...

May God show the way to end this foolish war.” “We do not see an organized mechanism and plan by the government to monitor the situation on a daily basis and come up with speedy solutions. “I join in the grief of the people of Sri Lanka, who continue to suffer the effects of political and economic instability,” the pope said after praying the Angelus July 10.

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Sri Lanka prime minister's office confirms president to resign after ... (Reuters)

Sri Lanka's President Gotabaya Rajapaksa has informed Prime Minister Ranil Wickremesinghe that he will resign, the prime minister's office said on Monday, ...

The country barely has any dollars left to import fuel, which has been severely rationed, and long lines have formed in front of shops selling cooking gas. This government needs to go home and we need better leaders." Foreign exchange reserves were quickly depleted as oil prices rose. "I came alone all this way because I believe we need to see this through. Another protester, Dushantha Gunasinghe, said he had travelled to Colombo from a town 130 km (80 miles) away, walking part of the way because of the fuel crunch. "The people's struggle is for wider political reforms.

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Sri Lanka president plans to resign as protests reignite (Moneyweb.co.za)

The resignation marks a possible turning point for the bankrupt country, which is struggling to pay for food and fuel imports.

The fund hopes for a resolution that allows resumption of talks on an IMF-supported program, Peter Breuer and Masahiro Nozaki, senior IMF mission representatives to Sri Lanka, said in a statement. International Monetary Fund representatives said they plan to continue technical discussions with the finance ministry and the central bank. The Central Bank of Sri Lanka on July 7 raised borrowing costs by 100 basis points as prices continued their record rise in June, driven by the shortages amid depleted foreign-exchange reserves.

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