World News

Sri Lanka’s economy on brink of collapse as troops quell unrest

Sri Lanka‘s economy will “collapse” unless a new government is urgently appointed, the central bank chief warned, as security forces fanned out on the streets to restore order after spasms of mob violence.
Police say nine people have died since Monday, when frustration at a dire economic crisis erupted into clashes between backers and opponents of President Gotabaya Rajapaksa, injuring more than 200.

Opposition parties have refused Rajapaksa’s overtures for a unity government to resolve a political deadlock and instead demanded his resignation.

Central Bank Governor Nandalal Weerasinghe said it was critical that a new administration take charge by Friday or the country would suffer a catastrophe.

“The economy will completely collapse and no one will be able to save it,” he told reporters.
The country was fast going down a slope when I took over just over a month ago. I thought we were able to apply the brakes, but with events of Monday the brakes no longer work.”

Shortly after taking over as the bank’s chief in April, Weerasinghe announced a default on Sri Lanka’s $51-billion external debt, saying the country had no money to pay its creditors.

He said political stability was vital to implement the reforms needed to address Sri Lanka’s snowballing debt crisis and the acute shortage of foreign exchange to import essentials.

Source: eNCA

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