Colombo: Thousands of Sri Lankans demonstrated in the nation's capital, Colombo, against the state of the economy and the savage crackdown on protesters earlier. Participants included civil rights organisations, trade unions and students.
Sri Lanka is facing its worst economic crisis in decades, pushing many into poverty. Annual food price inflation is at 85.8 per cent and prices of non-food items are at 62.8 per cent. Sri Lanka’s gross domestic product (GDP) is forecast to contract by 8.7 per cent.
The rally was organised by the Trade Union Coordination Center. Trade unions and well-known individuals who were in charge of the prior demonstrations to oust former President Gotabaya Rajapaksa are now part of the merged people's movement.
Ranil Wickremesinghe was elected president by a vote in Parliament on July 21. He immediately declared a state of emergency, which granted sweeping powers to the military and resulted in a series of crackdowns on protesters, with several protest leaders arrested.
In August, the United Nations urged Wickremesinghe to end the crackdown, describing them as a “misuse of emergency measures”. However, with the cost of living rising and a series of tax increases set to be introduced, discontent in the island nation of 22 million people is set to grow.
Sri Lanka is suffering from a dollar shortage caused due to poor economic management and the impact of the Covid-19 pandemic on the country’s tourism market. This has left the nation struggling to pay for essential imports, including food, fuel and medicine.
The country is set to receive a bailout after reaching a preliminary deal with the International Monetary Fund for a loan of about $2.9 bn. However, the deal is contingent on financial assurances from official creditors and negotiations with private creditors, leaving it unclear when it will be issued.
