INTERNATIONAL: Opposition leaders have led a march of hundreds of protesters through Sri Lanka's main city of Colombo on Tuesday,March 15, against a worsening economic crisis that has brought fuel shortages and spiralling food prices.
Protesters let off firecrackers and have marched through the capital to the president’s office, where they were held back by armed officers.
President Gotabaya Rajapaksa's government has said it will begin talks next month with the International Monetary Fund (IMF) for assistance, while Finance Minister Basil Rajapaksa flew into New Delhi to sign a $1-billion credit line to tackle the situation.
“An ordinary person can't even think of making a live income. The Rajapaksas only think about their family,” said trader, Mohamed Iswan.
The Prime Minister, Mahinda Rajapaksa, is the president's brother.
Historically weak government finances, badly timed tax cuts and the COVID-19 pandemic, which hit the lucrative tourism industry and foreign remittances, have wreaked havoc on the economy, leading to a currency devaluation last week.
After months of resistance to seeking IMF help, Rajapaksa's government has said on Tuesday it would begin talks with the multilateral lender next month after cabinet authorized the finance minister to draw up proposals.
Sri Lanka's foreign exchange reserves have fallen 70% in the last two years to about $2.31 billion, leaving the Indian Ocean island nation struggling to pay for essential imports, including food and fuel.
