Sri Lanka Economic Crisis: President Gotabaya Rajapaksa Revokes State Of Emergency Amid Rising Protests

The next possible move is seen as the appointment of a new prime minister replacing the president's elder brother, Mahinda Rajapaksa, or snap parliamentary elections

New Delhi: Sri Lanka President Gotabaya Rajapaksa, who imposed an emergency over violence triggered by deterioraiting economic situation, revoked the orders late on Tuesday as the evolving situation makes it difficult for the island nation to seek bailout package from the International Monetary Fund.

The Emergency that took effect on April 1 is repealed as of midnight April 5. In an extraordinary gazette, Rajapaksa said, "I, Gotabaya Rajapaksa, President of the Socialist Republic of Sri Lanka, hereby revoke the gazette with effect from midnight on 05 April 2022".

Know Latest Developments in Sri Lanka

Since the proclamation of emergency, the President has faced pressure from lawmakers to step down. Dozens of lawmakers have also moved out of the ruling coalition, leaving his government in minority in Parliament as it tried to suppress protests amid the country's worst economic crisis in decades, according to Reuters.

The names of 41 legislators leaving the coalition were announced by party leaders in Parliament. These legislators will turn into independent members, leaving Rajapaksa's government with less than the 113 members required to touch a majority in the 225-member house.

In another set back, Sri Lanka's new finance minister Ali Sabry resigned on Tuesday, a day after President appointed him after sacking his brother Basil Rajapaksa ahead of crucial talks scheduled with the International Monetary Fund for a loan programme.

The next possible move is seen as the appointment of a new prime minister replacing the president's elder brother, Mahinda Rajapaksa, or snap parliamentary elections way ahead of the 2025 schedule.

Food vendors in Sri Lanka are accusing the Rajapaksa government of selling everything to China adding that the country has nothing and it had bought everything from other countries on credit.

While the IMF is monitoring political and economic developments in Sri Lanka “very closely,” the Rueters report cited the multilateral lender’s Sri Lanka Mission Chief Masahiro Nozaki.

Struggling with acute funds shortage, Sri Lanka announced the temporary closure of its embassies in Oslo and Baghdad, and the consulate general in Sydney, from April 30.