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Sri Lanka's economy to collapse if no new govt in 2 days-10 updates

Central Bank of Sri Lanka Governor Nandalal Weerasinghe threatened to quit if political stability isn’t restored at the earliest (Photo: Reuters)

"If there is no government in the next two days, the economy will completely collapse and no one will be able to save it," Weerasinghe said. He even threatened to quit if political stability isn’t restored at the earliest. 

President Gotabaya Rajapaksa’s ruling party is open to backing opposition leader Sajith Premadasa as prime minister if he’s willing to accept the post, a news report said. Premadasa has, in the past, rejected the likelihood of working under Rajapaksa.

Here are ten big updates to the Sri Lankan crisis

  • Central Bank of Sri Lanka Governor Nandalal Weerasinghe said he had taken the job in April with expectations that political stability will be established within two weeks. Little has been achieved in the last month. He warned that the island nation’s deep economic woes could worsen further if a solution to end its current political crisis isn’t found “urgently," adding that he didn’t wish to continue if political stability is not achieved.
  • The Sri Lanka Freedom Party, a member of Gotabaya Rajapaksa’s ruling alliance, is prepared to support opposition leader Sajith Premadasa as prime minister should he be willing to take the role, a news report said, citing party secretary-general Dayasiri Jayasekara.
  • The Human Rights Commission of Sri Lanka has called Army Chief Gen. Shavendra Silva and Inspector-General of Police C.D. Wickramaratne to explain why they failed to prevent the violence that erupted Monday, a media report said 
  • The Colombo Stock Exchange today decided to keep the equity markets shut for a second day as banks will remain closed for customers, even though the real-time gross settlement and inter-bank payment systems will be operational.
  • Earlier today, Sri Lanka’s Joint Chambers, a body comprising the main industry bodies including the Ceylon Chamber of Commerce and American Chamber of Commerce Sri Lanka, requested President Rajapaksa to urgently appoint a new interim prime minister acceptable to all political parties. Following that, he should “respect the voice of the public and resign immediately." 
  • President Gotabaya Rajapaksa took to Twitter for the third time in three days to appeal for calm and call for unity following the violent clashes between government supporters and protesters earlier this week.
  • IMF's chief for Sri Lanka Masahiro Nozaki today said the mission is closely following developments in the island nation and is “concerned about rising social tensions and violence."  Technical level discussions between IMF officials and Sri Lanka authorities have started, will continue in order to be ready for policy discussions once a new Sri Lanka government is formed, Nozaki added.
  • Sri Lanka extended its nationwide curfew by a day to 7 am on Thursday, as the country grapples with violent protests around mismanagement of government finances that resulted in shortages of food and fuel. “No person shall be on any public road, railway, public park, public recreation ground or other public ground or the seashore," except with written government permission, the government said in the official gazette.
  • Sri Lankan Prime Minister Mahinda Rajapaksa quit on Monday, as the country goes through an intensified civil strife amid a crippling economic crisis. Hours after this his family home was set on fire by an angry mob.
  • Lawmaker Amarakeerthi Athukorala from the ruling party shot two people on Monday -- killing a 27-year-old man -- and then took his own life after being surrounded by a mob of anti-government protesters outside Colombo, police said
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Dive Deeper:
Sri Lanka crisis: President says 'will appoint new PM, cabinet this week'
President Rajapaksa is set to lift the nationwide curfew for seven hours from 7:00 am on Thursday, according to a…
Sri Lanka's economy on brink of collapse as troops quell unrest
Colombo (AFP) - Sri Lanka's economy will "collapse" unless a new government is urgently appointed, the central bank chief warned…
Sri Lanka’s president refuses to stand down as rumours swirl of a military coup
In a televised address, Gotabaya Rajapaksa instead vows to replace the prime minister after his brother was forced to resign
Sri Lanka deploys troops in capital after violence and protests
Sri Lankan authorities have deployed armoured vehicles and troops in the streets of the capital Colombo, two days after pro-government…
One subscription that gives you access to news from hundreds of sites
Explained: How Sri Lanka fell into its worst economic crisis & what's next
NEW DELHI: Sri Lanka's unprecedented economic crisis has only deepened further in the past few months, stemming from mismanaged government…
Sri Lanka orders 'offensive' to contain riots
Colombo (AFP) - Sri Lankan police have been ordered to go on the offensive and use live ammunition to prevent…
Get all your news in one place