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Sri Lanka is on the brink of bankruptcy, with nearly $7 billion of its total $25 billion in foreign debt due for repayment this year. A severe shortage of foreign exchange means the country lacks money to buy imported goods. People have endured months of shortages of essentials such as food, cooking gas, fuel and medicine, lining up for hours to buy the very limited stocks available.
Thousands of protesters continued to occupy the entrance to the president’s office for an 11th day on Tuesday, blaming him for the economic crisis. Sri Lanka’s prime minister said on Tuesday that the constitution will be changed to clip presidential powers and empower Parliament, as protesters continued to demand that the president and his powerful family quit. PM Mahinda Rajapaksa told parliament that the power shift is a quick step that can be taken to politically stabilise the country and help talks with the International Monetary Fund over an economic recovery plan.
President Gotabaya Rajapaksa, the PM’s brother, concentrated power in the presidency after being elected in 2019. “While looking for solutions to the economic problems, it is important that we have political and social stability in the country,” PM Rajapaksa said, adding that restoring more power to parliament will be astart to the reforms. Rajapaksa brothers are likely to retain their grip on power even if the constitution is amended, since they hold both offices. Gotabaya admitted on Monday that he made mistakes which had led to the crisis, such as delaying an appeal to the IMF for help and banning agrochemicals with the aim of making Sri Lankan agriculture fully organic. Critics say the ban on imported fertiliser was aimed at conserving declining foreign exchange holdings and badly hurt farmers. Both the president and PM have refused to step down, resulting in political impasse.
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