Sri Lanka’s worst economic crisis since its independence began in 2019. Experts attribute a plethora of reasons behind the crisis. First, after the end of the civil war in 2009, the country emphasised providing goods for the local market instead of trade, a decision that led to a continued trade deficit of more than $3 billion each year. Along with trade policies, tax cuts in 2019 led to a loss of government revenue of over $1.4 billion a year.
Sri Lankan lawmakers chose six-time Prime Minister Ranil Wickremesinghe as president Wednesday to succeed the ousted leader who fled the country in a vote that risks reigniting political turmoil in the troubled South Asian island nation.
Sri Lankan President Gotabaya Rajapaksa flew into Singapore from the Maldives on Thursday (July 14) evening, after fleeing Sri Lanka amid a deepening crisis and widespread protests there.
Gotabaya Rajapaksa, president of Sri Lanka, who has fled to the Maldives early today (July 13, 2022), is expected to announce his resignation from office.
Sri Lankan Prime Minister Ranil Wickremesinghe was appointed to be acting president as incumbent Gotabaya Rajapaksa was overseas, the parliamentary Speaker announced Wednesday as thousands of protesters demanded both men step down.
Sri Lankan President Gotabaya Rajapaksa fled the country early on Wednesday, two sources told Reuters, hours before he was due to step down amid widespread protests over his handling of a devastating economic crisis.
Five-time former Sri Lankan Prime Minister Ranil Wickremesinghe will be reappointed on Thursday in an effort to bring stability to the island nation, engulfed in a political and economic crisis, a party official said.
Sri Lanka’s worst economic crisis since its independence began in 2019. Experts attribute a plethora of reasons behind the crisis. First, after the end of the civil war in 2009, the country emphasised providing goods for the local market instead of trade, a decision that led to a continued trade deficit of more than $3 billion each year. Along with trade policies, tax cuts in 2019 led to a loss of government revenue of over $1.4 billion a year.
Sri Lankan lawmakers chose six-time Prime Minister Ranil Wickremesinghe as president Wednesday to succeed the ousted leader who fled the country in a vote that risks reigniting political turmoil in the troubled South Asian island nation.
Sri Lankan President Gotabaya Rajapaksa flew into Singapore from the Maldives on Thursday (July 14) evening, after fleeing Sri Lanka amid a deepening crisis and widespread protests there.
Gotabaya Rajapaksa, president of Sri Lanka, who has fled to the Maldives early today (July 13, 2022), is expected to announce his resignation from office.
Sri Lankan Prime Minister Ranil Wickremesinghe was appointed to be acting president as incumbent Gotabaya Rajapaksa was overseas, the parliamentary Speaker announced Wednesday as thousands of protesters demanded both men step down.
Sri Lankan President Gotabaya Rajapaksa fled the country early on Wednesday, two sources told Reuters, hours before he was due to step down amid widespread protests over his handling of a devastating economic crisis.
Five-time former Sri Lankan Prime Minister Ranil Wickremesinghe will be reappointed on Thursday in an effort to bring stability to the island nation, engulfed in a political and economic crisis, a party official said.
