We all know that Sri Lanka has announced an emergency amidst the recession. Various factors have led to this situation. Many protests have begun in the South Asian nation.

Crisis in Sri Lanka’s parliament

• The People of Sri Lanka have called President Gotbaya Rajapaksa and Prime Minister Mahinda Rajapaksa to resign from the government.
•  The Rajapaksa party has lost its majority in the parliament.

The economic crisis in Sri Lanka

• Sri Lanka is unable to pay its foreign debts and has stopped the payments on foreign debts.
• It is a step to preserve the diminishing dollar rates for food and fuel import.
• Sri Lanka’s foreign exchange reserves have gone down last month.  As a result, all government credits and bonds in the global capital market in Sri Lanka have been affected.
• The bailout talks with IMF are on.
• Sri Lanka’s dollar bonds which are due in July 2022 also fell by 1.8 cents. The Sri Lankan rupee also fell by 0.5%.

There are acute food and fuel shortages in Sri Lanka. Alongside, electricity blackouts have increased the suffering of 22 million people in the country.

Sri Lanka is seeking help from India and China. While India is sending food and medicine, China is providing assistance to the socio-economic development of Sri Lanka.

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