Tag: sri lanka economic crisis

Srilankan economic crisis after anti-government protests
Business

Srilankan economic crisis after anti-government protests

Srilanka Economic Crisis Sri Lanka has declared emergency rule after anti-government protests turned violent after experiencing a severe economic crisis. Economics Crisis partly caused by a shortage of foreign exchange, resulting in prolonged power cuts, price spikes, and a lack of essential items. On Thursday, protesters stormed President Gotabaya Rajapaksa's private residence in Colombo and clashed with law enforcement. Despite the president's statement that the move was made "in the interest of public safety," emergency rules severely restrict civil rights and give sweeping powers to the state to detain citizens. Sri Lanka's economic meltdown appears to be caused by several factors. This includes the 2019 Easter bombing, global travel restrictions due to COVID-19, and the blow...