Sri Lanka economic crisis: Demand grows for President’s removal; Stalin seeks help for Tamil refugees | Top 10 developments

Reeling under the worst economic crisis in Sri Lanka, thousands gathered outside President Gotabaya Rajapaksa’s residence Thursday, demanding his removal. Amid shortages of fuel, electricity and essentials such as milk and food items, several refugees have reached the coast of Tamil Nadu looking to escape unemployment and high inflation.

Here are the top developments from Sri Lanka’s economic crisis:
🔴 Police fired tear gas and a water cannon at thousands of protesters outside Rajapaksa’s residence in Mirihina, blaming him for the economic meltdown in the island nation. Shouting “Go home, Gota go home” the protesters allegedly stoned two army buses that were blocking the entrance to the residence. They also reportedly set a bus on fire and refused to let a fire truck pass through to save it.
A Sri Lankan man shouts anti-government slogans during a protest outside the Sri Lankan president’s private residence on the outskirts of Colombo, Sri Lanka, Thursday, March 31, 2022. (AP)
🔴 A curfew was imposed in Colombo and its suburbs to contain the protest. It was lifted Friday morning. Senior Superintendent Nihal Thalduwa told Reuters that 54 people have been arrested for the unrest so far. While five policemen have been injured, AP reported that at least one protester was also injured during the protest.
🔴 Tamil Nadu Chief Miner M K Stalin Thursday met PM Narendra Modi and urged the Centre to allow the state government to provide humanitarian aid to Sri Lankan Tamils. He said many of them are fleeing Lanka and coming to the state through the sea route.

🔴 The International Monetary Fund (IMF) has said that it will initiate discussions with Sri Lankan authorities on a possible loan program in the coming days. The discussions will follow Rajapaksa’s visit to Washington for talks with IMF officials, Reuters reported. Sources quoted the news agency have also said that the island nation will also seek World Bank assance after entering an IMF program.
🔴 Amid rolling blackouts lasting up to 13 hours, Power Miner Pavithra Wanniarachchi said officials have been instructed to shut off street lights around the country to help conserve power.
Sri Lankans block traffic as they protest demanding diesel near a gas station in Colombo, Sri Lanka, Wednesday, March 30, 2022. (AP)
🔴 Sri Lanka is facing its “worst inflation”. According to Reuters, retail inflation hit 18.7% in March over the same period a year ago. The statics department said that food inflation, meanwhile, reached 30.2% in March.
🔴 Catholic bishops in the country stated that Sri Lanka was fast becoming a “failed state” and held “all successive governments to date” responsible for the state of affairs. “The present government as well as those in the opposition…must adopt a conciliatory, not a confrontational approach,” the Catholic Bishops Conference said in a statement, adding they should not “play the blame game”.

🔴 The government has instructed Ceylon Electricity Board (CEB), to purchase diesel from LIOC, the Lankan subsidiary of the Indian Oil Corporation. The LIOC has agreed to release 6,000 MT of diesel to generate thermal power and help reduce the power cuts.
🔴 Sri Lanka expects to receive a diesel shipment under a $500 million credit line extended India on Saturday, Wanniarachchi was quoted as saying.
🔴 The Colombo Stock Exchange halted trade for a second straight day on March 31. According to Reuters, in its worst quarterly performance since December 2008, the CSE All-Share index ended down 4.21% at 8,903.87 points.
— with agencies inputs