Situation in Sri Lanka 'stabilised', no need to extend emergency: President Wickremesinghe

The country's state of emergency won't be stretched past this week, saidPresident Ranil Wickremesinghe's media office on Thursday, as protests in Sri Lanka about the plight of the country's economy and its destruction begin to fade.

According to his office, the president reportedly announced that the emergency would end this week at a gathering in the capital city of Colombo.

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Reuters reports that the emergency was declared by Wickremesinghe on July 18 when he was serving as acting president after tens of thousands of citizens surged into government buildings in search of answers to the nation's greatest economic crisis in more than seven decades.

As per AFP, Wickremesinghe's declared emergency is set to expire on Thursday, but he has the authority to extend it each subsequent month.

However, as per his office, he believes that "the situation in the country has stabilised, there is no need to reimpose the state of emergency when it lapses this week."

The emergency regulations provide troops and law enforcement with the power to detain suspects for extended periods of time.

After his predecessor, Gotabaya Rajapaksa, fled a popular uprising over months of severe shortages of fuel, food, and medication, Wickremesinghe—who had served as Sri Lanka's prime minister for six terms—was elected president on July 20 by parliamentarians.

The nation's sovereign debt has already fallen into default.

After the nation missed interest payments due on June 3, June 28, and July 18, as well as a principle payment due on July 25, S&P Global lowered its rating on Sri Lankan bonds to 'D,' which stands for default.

(With inputs from agencies)

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