Sri Lankan opposition rejects president’s invitation to join unity government
People defied the curfew to protest long queues for fuel and gas and long hours without electricity. Central Bank Governor Ajith Nivard Cabraal also announced his resignation.
Against the background of the resignation of all Cabinet Ministers, I have today tendered my resignation as Governor, he said.
Cabraal was blamed for his rigid stance on Sri Lanka seeking an economic bailout through an IMF structural adjustment facility. Despite its opposition, the government over the past fortnight has approached the international lender for help. During his tenure as governor, the Central Bank was accused of printing large volumes of money, triggering inflation.
He was blamed for his rigid stance on Sri Lanka seeking an economic bailout through an IMF structural adjustment facility. The country is grappling with what is said to be its worst economic crisis since its independence from the United Kingdom in 1948. It is caused in part by a lack of foreign currency, which is used to pay for fuel imports. People languish in long queues for fuel, cooking gas and suffer hour-long power cuts.
Sri Lanka is currently experiencing the worst economic crisis in its history. With long queues for fuel, cooking gas, shortages of basic necessities and long hours of power cuts, the public has been suffering for weeks.
India recently announced a $1 billion line of credit to Sri Lanka as part of its financial assistance to the country to tackle the economic crisis after a previous $500 billion line of credit. in February to help him buy petroleum products.
During his recently concluded visit to Colombo, External Affairs Minister S Jaishankar had assured India’s continued support in Sri Lanka’s economic recovery process. Rajapaksa defended his government’s actions, saying the currency crisis was not his fault and that the economic downturn was largely due to a pandemic, with the island nation’s tourism revenue and incoming remittances declining .