Sri Lanka is currently experiencing its worst economic crisis since gaining independence from Britain in 1948. "I propose that the loss making Sri Lankan Airlines be privatised,” Wickremesinghe said in his first address to the nation.
The Covid-19 pandemic and the Russia-Ukraine conflict have pushed debt levels for many countries to alarming levels.
Governor of the bank Nandalal Weerasinghe told reporters that the political unrest derailed the bank's recovery plans, and the resignation of Mahinda Rajapaksa as the prime minister on Monday and the lack of a replacement were complicating matters.
Mahinda Rajapaksa, known for his brutal military campaign against the Liberation Tigers of Tamil Eelam (LTTE) during his presidency from 2005 to 2015, is also facing calls for his arrest from Opposition politicians.
The order came after embattled President Gotabaya Rajapaksa urged people to stop 'violence and acts of revenge' against fellow citizens and vowed to address the political and economic crisis facing the nation.
Defying a nationwide curfew in Sri Lanka, several hundred protesters continued to chant slogans against the government. This comes a day after violent clashes left four people dead and prompted the resignation of the prime minister, Mahinda Rajapaksa. The island nation is facing it's worst economic crisis in decades.
Sri Lanka has been witnessing widespread protests in the last few days. Angry protesters clashed with police and resorted to violence in Colombo and some other places.
An MP died during a confrontation outside the capital, police said. Army has been deployed in the national capital Colombo following incidents of violence.
Curfew was imposed islandwide with immediate effect until further notice, a police spokesperson was quoted as saying by the local media. A military contingent was deployed to the protest site to assist law enforcement.
Rajapaksa, 76, under intense pressure from within his own Sri Lanka Podujana Peramuna (SLPP) ranks to resign was gathering his supporters to apply counterpressure not to stand down.
The state of emergency gives the police and the security forces power to arbitrarily arrest and detain people.
The world bank is facilitating financial and technical assistance to Sri Lanka. The cash transfer will be done only through bank accounts. Any eligible person who doesn't have an account will be informed to open one immediately by government officials concerned, the minister said in a tweet.
On Monday, India had extended its current credit line by a further USD 200 million to replenish Sri Lanka’s rapidly depleting fuel stocks.
Sri Lankan state media reported that the public had blocked the railway tracks near the Rambukkana railway crossing for over 8 hours over fuel price hike.
Sitharaman, who is in Washington DC for the annual spring meetings of the International Monetary Fund (IMF) and the World Bank, discussed the current economic situation and India’s approach towards addressing the prevailing challenges in Sri Lanka on Monday, the Ministry of Finance said.
In the new cabinet, there is no place for the oldest member of the family Chamal Rajapaksa, Mahinda’s son Namal Rajapaksa, both of whom were Cabinet ministers, and the nephew Shasheendra who was a state minister.
According to a statement from the Prime Minister's Office, Rajapaksa is willing to hold discussions with the protesting youths who are camping at Galle Face esplanade located near President Gotabaya's secretariat.
Former Sri Lankan Prime Minister "I think India has helped to the maximum. We will have to see, and they are still helping in non-financial ways. So, we have to be thankful to them," said Ranil Wickremesinghe in Colombo.
External Affairs Ministry Spokesperson Arindam Bagchi said India has been keenly following the evolving economic situation and other developments in Sri Lanka.
President Rajapaksa had appointed Sabry after sacking his brother Basil Rajapaksa, who was at the center of anger within the ruling Sri Lanka Podujana Peramuna (SLPP) coalition. In a letter to the President, Sabri said that he took up the job as part of a temporary measure.
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