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Sri Lanka Crisis Highlights, 9 April 2022: Central bank doubles interest rates to tame inflation as crisis bites; business leaders demand end to political impasse

By: Express Web Desk

New Delhi | Updated: April 10, 2022 09:24 AM IST

2 min read

A man shouts slogans during a protest in front of the Temple Trees Prime Minister Mahinda Rajapaksa's official residence in Colombo, Sri Lanka, April 7, 2022. (Reuters)

Sri Lanka Crisis Highlights: Authorities on Saturday closed Colombo’s Galle Face Green urban park, anticipating widespread protests in the area. Protestors were seen gathering outside the park early on Saturday morning, The Indian Express reported.

Meanwhile, Sri Lanka’s main Opposition party Samagi Jana Balawegaya (SJB) on Friday announced that it will move a no-confidence motion against the government of President Gotabaya Rajapaksa and is prepared to impeach the embattled leader if he fails to address the concerns of the public facing hardships due to the worst economic crisis. As protests continued across the country, demanding resignation of the President and the entire Rajapaksa family from the government, Opposition leader Sajith Premadasa also called for the Executive Presidency to be abolished, saying power should be divided between the Executive, Legislature and Judiciary.

In other news, Sri Lanka’s central bank doubled its key interest rates on Friday, raising each by an unprecedented 700 basis points to tame inflation that has soared due to crippling shortages of basic goods driven by a devastating economic crisis. The heavily indebted country has little money left to pay for imports, meaning fuel, power, food and, increasingly, medicine are in short supply. Street protests have been held nearly non-stop for more than a month, despite a five-day state of emergency and a two-day curfew..

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