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Sri Lanka must find ways to restructure its debt to emerge from the crisis, says expert

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Long queues outside gas stations, up to 12 hours of power cuts, crippling shortages of basic foodstuffs, protests in the streets against the government – ​​Sri Lanka is currently in the midst of an economic crisis with the continuing difficulties snowballing into an outrage against President Gotabaya Rajapaksha.

The island nation is currently struggling to pay for imports of fuel and other goods due to the scarcity of foreign exchange.

Gotabaya Rajapaksa has called on the opposition to join a unity government to defuse the crisis – all 26 Sri Lankan cabinet ministers except President Gotabaya and his elder brother Prime Minister Mahinda Rajapaksa have submitted resignation letters at a late night meeting yesterday.

The president’s media office said 4 ministers have been appointed to ensure parliament and other tasks can be carried out until a full cabinet can be sworn in. The president also sacked Finance Minister Basil Rajapaksa, who is also his brother in an attempt to silence the critic. The opposition, however, castigated the new cabinet as old wine in a new bottle.

To discuss the Sri Lankan crisis, CNBC-TV18 spoke with Sri Lankan opposition MP Harsha De Silva and Umesh Moramudali of the University of Colombo.

Watch the video to learn more.

Not all news on the site expresses the point of view of the site, but we transmit this news automatically and translate it through programmatic technology on the site and not from a human editor.

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