Sri Lanka's main opposition party submitted no-trust motions against the Rajapaksa brothers. This comes amid reports that Prime Minister Mahinda Rajapaksa might resign. Palki Sharma tells you more about the political crisis in Sri Lanka.

Gravitas: Mahinda Rajapaksa to step down?

Sri Lanka Podujana Peramuna (SLPP) agreed to form an interim government. The decision was taken when a group of independent MPs met SLPP representatives in presence of Sri Lankan president Gotabaya Rajapaksa.

Sri Lanka Crisis & Chaos: Rajapaksas, SLPP decide to form interim govt

Sri Lanka, in the midst of an economic crisis decided on Saturday that price of dozens of commonly used medicined would be increased by 40 per cent.

The nation is witnessing countrywide protests from citizens who are reeling from lengthy blackouts and acute shortages of food, fuel and pharmaceuticals. People are demanding government's resignation.

Antibiotics, non-prescription painkillers and medications for heart conditions and diabetes will all be subject to the price rise, health minister Channa Jayasumana said.

Industry officials said the latest hike was necessary to offset the impact of fuel prices, which have doubled since December.

According to official figures, Sri Lanka's inflation rate was at nearly 30 per cent in April. This was seventh consecutive record high.

Sri Lanka has run out of foreign currency to import sorely needed essential goods.

Also Read | <a href="https://www.wionews.com/south-asia/sri-lanka-president-agrees-to-form-all-party-interim-government-with-new-pm-say-reports-474847">Sri Lanka president agrees to form all-party interim government with a new PM, say reports</a>

The government this month announced a default on its $51 billion foreign debt and asked citizens abroad to donate money to help the island out of its economic predicament.

Sri Lanka has asked for an International Monetary Fund bailout, which could take up to three months to arrive.

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On Friday (April 30), Sri Lanka President Gotabaya Rajapaksa has agreed to form an all-party interim government led by a new prime minister

(With inputs from agencies) 
&nbsp;

Sri Lanka, in the midst of an economic crisis decided on Saturday that price of dozens of commonly used medicined would be increased by 40 per cent. The nation is witnessing countrywide protests from citizens who are reeling from lengthy blackouts and acute shortages of food, fuel and pharmaceuticals.

Sri Lanka, in the midst of an economic crisis decided on Saturday that price of dozens of commonly used medicined would be increased by 40 per cent. The nation is witnessing countrywide protests from citizens who are reeling from lengthy blackouts and acute shortages of food, fuel and pharmaceuticals. People are demanding government's resignation. Antibiotics, non-prescription painkillers and medications for heart conditions and diabetes will all be subject to the price rise, health minister Channa Jayasumana said. Industry officials said the latest hike was necessary to offset the impact of fuel prices, which have doubled since December. According to official figures, Sri Lanka's inflation rate was at nearly 30 per cent in April. This was seventh consecutive record high. Sri Lanka has run out of foreign currency to import sorely needed essential goods. Also Read | Sri Lanka president agrees to form all-party interim government with a new PM, say reports The government this month announced a default on its $51 billion foreign debt and asked citizens abroad to donate money to help the island out of its economic predicament. Sri Lanka has asked for an International Monetary Fund bailout, which could take up to three months to arrive. WATCH WION LIVE HERE × On Friday (April 30), Sri Lanka President Gotabaya Rajapaksa has agreed to form an all-party interim government led by a new prime minister (With inputs from agencies)

Sri Lanka hikes medicine prices amid financial crisis

Amid an unprecedented economic crisis in the country, Sri Lankan President Gotabaya Rajapaksa on Wednesday (April 27) said that he is willing to form an all-party government that can be formed after the Prime Minister and Cabinet resigns.&nbsp;

In a letter obtained by WION, Rajapaksa has extended an invitation to political parties in the government to discuss, establishing an all-party government.&nbsp;

WION asked the former Minister of Energy Udaya Gammanpila, who is an independent MP, about the letter. He confirmed that they received it and a final decision among the 40 MPs, who comprise 13 parties that now sit independently in parliament, on whether or not to attend the meeting will be made on Friday (April 28).&nbsp;

As mentioned in the letter, Rajapaksa has invited leaders of parties and independent groups that helped form his government to meet him.&nbsp;

In a letter, he noted that he had taken into consideration the requests made by the Mahanayake's of the Three Sects, His Eminence Malcolm Cardinal Ranjith, Religious Leaders, as well as those from political parties, and civil organisations.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/world-bank-agrees-to-provide-600-million-in-financial-assistance-to-sri-lanka-474087">World Bank agrees to provide $600 million in financial assistance to Sri Lanka</a>

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In letter obtained by WION, Rajapaksa has extended an invitation to political parties in the government to discuss, establishing an all-party government.&nbsp;

The letter notes that discussions need to take place concerning the structure, period of implementation and individuals with responsibilities of the proposed all-party government.&nbsp;

While the meeting is set to take place on Friday, Prime Minister Mahinda Rajapaksa speaking to local government representatives at the Temple Trees today said that the "President has not asked me to resign and&nbsp;I also believe he will not do so".&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/karachi-university-blast-woman-suicide-bomber-was-graduate-student-at-pakistani-university-474259">Woman suicide bomber who killed 3 Chinese was a student at Karachi University</a>

Sri Lanka is struggling to tackle the economic crisis, which is caused in part by a lack of foreign currency. The situation led to acute shortages and very high prices, leaving the economy in tatters with people protesting across the country.&nbsp;

It has been understood that Sri Lanka has nearly $7 billion in foreign debt due for repayment this year and will need to repay $25 billion over the next five years.&nbsp;

World Bank recently warned that more Sri Lankans will slip into poverty this year.&nbsp;

WATCH WION LIVE HERE&nbsp;

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&nbsp;

Amid an unprecedented economic crisis in the country, Sri Lankan President Gotabaya Rajapaksa on Wednesday (April 27) said that he is willing to form an all-party government that can be formed after the Prime Minister and Cabinet resigns.

Amid an unprecedented economic crisis in the country, Sri Lankan President Gotabaya Rajapaksa on Wednesday (April 27) said that he is willing to form an all-party government that can be formed after the Prime Minister and Cabinet resigns. In a letter obtained by WION, Rajapaksa has extended an invitation to political parties in the government to discuss, establishing an all-party government. WION asked the former Minister of Energy Udaya Gammanpila, who is an independent MP, about the letter. He confirmed that they received it and a final decision among the 40 MPs, who comprise 13 parties that now sit independently in parliament, on whether or not to attend the meeting will be made on Friday (April 28). As mentioned in the letter, Rajapaksa has invited leaders of parties and independent groups that helped form his government to meet him. In a letter, he noted that he had taken into consideration the requests made by the Mahanayake's of the Three Sects, His Eminence Malcolm Cardinal Ranjith, Religious Leaders, as well as those from political parties, and civil organisations. ALSO READ | World Bank agrees to provide $600 million in financial assistance to Sri Lanka In letter obtained by WION, Rajapaksa has extended an invitation to political parties in the government to discuss, establishing an all-party government. The letter notes that discussions need to take place concerning the structure, period of implementation and individuals with responsibilities of the proposed all-party government. While the meeting is set to take place on Friday, Prime Minister Mahinda Rajapaksa speaking to local government representatives at the Temple Trees today said that the "President has not asked me to resign and I also believe he will not do so". ALSO READ | Woman suicide bomber who killed 3 Chinese was a student at Karachi University Sri Lanka is struggling to tackle the economic crisis, which is caused in part by a lack of foreign currency. The situation led to acute shortages and very high prices, leaving the economy in tatters with people protesting across the country. It has been understood that Sri Lanka has nearly $7 billion in foreign debt due for repayment this year and will need to repay $25 billion over the next five years. World Bank recently warned that more Sri Lankans will slip into poverty this year. WATCH WION LIVE HERE ×

Sri Lankan President Gotabaya Rajapaksa willing to form an all-party government amid economic crisis

Office of Sri Lankan President Gotabaya Rajapaksa revealed in a statement on Tuesday (April 26) that the World Bank has agreed to provide $600 million in financial assistance to the country amid the economic crisis.&nbsp;

"World Bank Permanent Representative Chiyo Kanda during a meeting with President today (26) informed that World Bank has agreed to provide US $ 600 million financial assistance to Sri Lanka to overcome the current economic crisis, of which US $ 400 million will be provided promptly under the 1st phase," PMD said in a statement.&nbsp;

As the country struggling to tackle&nbsp;high levels of debt and trim the fiscal deficit to mitigate the adverse impacts on citizens, World Bank recently warned that more Sri Lankans will slip into poverty this year.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lanka-unveils-new-golden-visa-policy-to-combat-economic-crisis-473959">Sri Lanka unveils new 'golden' visa policy to combat economic crisis</a>

The unprecedented economic crisis in Sri Lanka is caused in part by a lack of foreign currency. It means the country cannot afford to pay for imports of the staple, such as food and fuel.&nbsp;

The situation led to acute shortages and very high prices, leaving the economy in tatters with people protesting across the country. As reported by news agency PTI, Sri Lanka has nearly $7 billion in foreign debt due for repayment this year and will need to repay $25 billion over the next five years.&nbsp;

"Around 11.7 per cent of people in Sri Lanka earn less than USD 3.20 per day, the international poverty line for lower-middle income countries, up from 9.2 per cent in 2019," the Bank said in its Spring Update on the South Asian region.&nbsp;

Meanwhile, a senior International Monetary Fund (IMF) official on Tuesday (April 26) suggested that Sri Lanka must tighten monetary policy, raise taxes and adopt flexible exchange rates to address its debt crisis. The country of 22 million people has requested loans from the IMF.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/china-unhappy-with-sri-lanka-for-seeking-bailout-from-imf-says-envoy-473662">China ‘unhappy’ with Sri Lanka for seeking bailout from IMF</a>

WATCH |&nbsp;UN: Humanity fueling climate disasters

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"We've had very good, fruitful, technical discussions on preparations for the negotiations with authorities over the past weekend and couple of days before," said Anne-Marie Gulde-Wolf, acting director of the IMF's Asia and Pacific Department, speaking at an online news conference.&nbsp;

"The requirement for fund lending will be progress toward debt sustainability," Gulde-Wolf said.&nbsp;

On April 24, thousands of university students in Colombo attempted to march to a protest site opposite the office of Rajapaksa, but they were blocked by police barricades.&nbsp;

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(With inputs from agencies)

Office of Sri Lankan President Gotabaya Rajapaksa revealed in a statement on Tuesday (April 26) that the World Bank has agreed to provide $600 million in financial assistance to the country amid the economic crisis.

Office of Sri Lankan President Gotabaya Rajapaksa revealed in a statement on Tuesday (April 26) that the World Bank has agreed to provide $600 million in financial assistance to the country amid the economic crisis. "World Bank Permanent Representative Chiyo Kanda during a meeting with President today (26) informed that World Bank has agreed to provide US $ 600 million financial assistance to Sri Lanka to overcome the current economic crisis, of which US $ 400 million will be provided promptly under the 1st phase," PMD said in a statement. As the country struggling to tackle high levels of debt and trim the fiscal deficit to mitigate the adverse impacts on citizens, World Bank recently warned that more Sri Lankans will slip into poverty this year. ALSO READ | Sri Lanka unveils new 'golden' visa policy to combat economic crisis The unprecedented economic crisis in Sri Lanka is caused in part by a lack of foreign currency. It means the country cannot afford to pay for imports of the staple, such as food and fuel. The situation led to acute shortages and very high prices, leaving the economy in tatters with people protesting across the country. As reported by news agency PTI, Sri Lanka has nearly $7 billion in foreign debt due for repayment this year and will need to repay $25 billion over the next five years. "Around 11.7 per cent of people in Sri Lanka earn less than USD 3.20 per day, the international poverty line for lower-middle income countries, up from 9.2 per cent in 2019," the Bank said in its Spring Update on the South Asian region. Meanwhile, a senior International Monetary Fund (IMF) official on Tuesday (April 26) suggested that Sri Lanka must tighten monetary policy, raise taxes and adopt flexible exchange rates to address its debt crisis. The country of 22 million people has requested loans from the IMF. ALSO READ | China ‘unhappy’ with Sri Lanka for seeking bailout from IMF WATCH | UN: Humanity fueling climate disasters × "We've had very good, fruitful, technical discussions on preparations for the negotiations with authorities over the past weekend and couple of days before," said Anne-Marie Gulde-Wolf, acting director of the IMF's Asia and Pacific Department, speaking at an online news conference. "The requirement for fund lending will be progress toward debt sustainability," Gulde-Wolf said. On April 24, thousands of university students in Colombo attempted to march to a protest site opposite the office of Rajapaksa, but they were blocked by police barricades. WATCH WION LIVE HERE × (With inputs from agencies)

World Bank agrees to provide $600 million in financial assistance to Sri Lanka

Sri Lankan authorities on Thursday lifted the curfew imposed in the southwestern region of Rambukkana where one person was killed and 13 others were injured in violence after the police opened fire at unarmed anti-government protestors demonstrating against the latest fuel price hike.

The curfew was lifted at 5 AM (local time) on Wednesday, police said.

At least three of the 14 hospitalised protesters at Rambukkana, some 90 kilometers northeast of Colombo, were critical at the Kegalle hospital, according to an official. Fifteen police personnel have also been injured.

Also read |&nbsp;<a href="https://www.wionews.com/india/india-urges-imf-to-provide-urgent-bailout-to-sri-lanka-472066">India urges IMF to provide urgent bailout to Sri Lanka</a>

Foreign Minister G L Peiris told reporters: We have requested the Human Rights Commission to conduct an impartial inquiry. We want to be honest and we do not want to sweep anything under the carpet.

Chaminda Lakshan, a 41-year-old man who died of gunshot wounds, is survived by two children.

I want justice for my father's death. I do not want money or any other help, his 16-year-old daughter Piyumi Lakshani told reporters.

She said that her father was not a protester and had gone to buy petrol for his motorcycle.

The death of a protester was the first during the ongoing protests over the worst-ever economic crisis in the country's history.

Top bureaucrat of the public security ministry Jagath Alwis said the protesters tried to set on fire a fuel tanker having 33,000 liters of fuel.

The police were forced to open fire to prevent a fuel bowser being set in flames by the protesters.

Watch |&nbsp;Gravitas: Killing of a protester sparks outrage in Sri Lanka

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<div class="videoWrapper trancodeVideo">&nbsp;</div>

<div class="videoWrapper trancodeVideo">Alwis said a three-member probe committee has been appointed to probe if the police had used excessive power in opening the fire at protesters.</div>

The embassies of the US, the EU, and the UN resident coordinator have issued statements condemning the police shooting.

The latest fuel price hike on Monday night triggered street protests in many areas on Tuesday.

Oil entities in the island nation have been hiking the price regularly due to the shortage of fuel.

Kegalle Magistrate Wasana Navaratne visited the site of the shooting and ordered the police not to intimidate witnesses. The police had produced one protester in court.

Also read |<a href="https://www.wionews.com/south-asia/sri-lankan-shot-dead-by-cops-at-anti-govt-protest-as-fury-grows-over-economic-crisis-472189">&nbsp;Sri Lankan shot dead by cops at anti-govt protest as fury grows over economic crisis</a>

Meanwhile, the police said that a 20-member panel has been appointed to investigate the shooting incident.

Protests continued in most parts of the island nation against the government for its mishandling of the economic crisis.

The main protest near President Gotabaya Rajapaksa's secretariat enters its 13th day on Wednesday.

Sri Lanka is grappling with unprecedented economic turmoil since its independence from Britain in 1948. The crisis is caused in part by a lack of foreign currency, which has meant that the country cannot afford to pay for imports of staple foods and fuel, leading to acute shortages and very high prices.

The island nation is witnessing large-scale protests against the government's handling of the debt-ridden economy - the worst-ever economic crisis in the country's history.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lankan-president-appoints-17-cabinet-ministers-amid-calls-for-govt-ouster-471796">Sri Lankan president appoints 17 cabinet ministers amid calls for govt ouster</a>

Protests demanding the resignation of President Rajapaksa and his Sri Lanka Podujana (Peramuna)-led government have intensified as shortages continued and prices soared.

Last week, the Sri Lankan government said it would temporarily default on USD 35.5 billion in foreign debt as the pandemic and the war in Ukraine made it impossible to make payments to overseas creditors.

Sri Lankan authorities on Thursday lifted the curfew imposed in the southwestern region of Rambukkana where one person was killed and 13 others were injured in violence after the police opened fire at unarmed anti-government protestors demonstrating against the latest fuel price hike.

Sri Lankan authorities on Thursday lifted the curfew imposed in the southwestern region of Rambukkana where one person was killed and 13 others were injured in violence after the police opened fire at unarmed anti-government protestors demonstrating against the latest fuel price hike. The curfew was lifted at 5 AM (local time) on Wednesday, police said. At least three of the 14 hospitalised protesters at Rambukkana, some 90 kilometers northeast of Colombo, were critical at the Kegalle hospital, according to an official. Fifteen police personnel have also been injured. Also read | India urges IMF to provide urgent bailout to Sri Lanka Foreign Minister G L Peiris told reporters: We have requested the Human Rights Commission to conduct an impartial inquiry. We want to be honest and we do not want to sweep anything under the carpet. Chaminda Lakshan, a 41-year-old man who died of gunshot wounds, is survived by two children. I want justice for my father's death. I do not want money or any other help, his 16-year-old daughter Piyumi Lakshani told reporters. She said that her father was not a protester and had gone to buy petrol for his motorcycle. The death of a protester was the first during the ongoing protests over the worst-ever economic crisis in the country's history. Top bureaucrat of the public security ministry Jagath Alwis said the protesters tried to set on fire a fuel tanker having 33,000 liters of fuel. The police were forced to open fire to prevent a fuel bowser being set in flames by the protesters. Watch | Gravitas: Killing of a protester sparks outrage in Sri Lanka Alwis said a three-member probe committee has been appointed to probe if the police had used excessive power in opening the fire at protesters. The embassies of the US, the EU, and the UN resident coordinator have issued statements condemning the police shooting. The latest fuel price hike on Monday night triggered street protests in many areas on Tuesday. Oil entities in the island nation have been hiking the price regularly due to the shortage of fuel. Kegalle Magistrate Wasana Navaratne visited the site of the shooting and ordered the police not to intimidate witnesses. The police had produced one protester in court. Also read | Sri Lankan shot dead by cops at anti-govt protest as fury grows over economic crisis Meanwhile, the police said that a 20-member panel has been appointed to investigate the shooting incident. Protests continued in most parts of the island nation against the government for its mishandling of the economic crisis. The main protest near President Gotabaya Rajapaksa's secretariat enters its 13th day on Wednesday. Sri Lanka is grappling with unprecedented economic turmoil since its independence from Britain in 1948. The crisis is caused in part by a lack of foreign currency, which has meant that the country cannot afford to pay for imports of staple foods and fuel, leading to acute shortages and very high prices. The island nation is witnessing large-scale protests against the government's handling of the debt-ridden economy - the worst-ever economic crisis in the country's history. Also read | Sri Lankan president appoints 17 cabinet ministers amid calls for govt ouster Protests demanding the resignation of President Rajapaksa and his Sri Lanka Podujana (Peramuna)-led government have intensified as shortages continued and prices soared. Last week, the Sri Lankan government said it would temporarily default on USD 35.5 billion in foreign debt as the pandemic and the war in Ukraine made it impossible to make payments to overseas creditors.

Sri Lanka lifts curfew in Rambukkana; probe begins on police firing at unarmed protesters

Amid anti-government protests in the wake of the economic crisis, Sri Lankan President Gotabaya Rajapaksa on Monday appointed 17 cabinet ministers.

It comes days after the dismissal of several cabinet ministers as the Rajapaksa government had been facing heat over spiralling inflation, acute shortage of essential items and long power cuts that lasts almost a day.&nbsp;

President Gotabaya had even tried to form a united government and had called on the opposition members. But all of them refused and have now moved a no-confidence motion against his government.

Also read |&nbsp;<a href="https://www.wionews.com/sports/arjun-ranatunga-urges-sri-lanka-players-to-stop-playing-in-ipl-and-stand-for-country-amid-economic-crisis-470543">Arjuna Ranatunga urges Sri Lanka players to stop playing in IPL and stand for country amid economic crisis</a>

The Sri Lankan parliament is now going to meet on April 19 with new Cabinet ministers even as the opposition would most likely step up pressure on the president to resign.

Some of the ministers who had resigned earlier have now been re-appointed, while&nbsp;two of President Gotabaya's brothers and his nephew have not&nbsp;found a place in the new cabinet.&nbsp;

1. Dinesh Gunawardena – Public Administration, Internal Affairs, Provincial Councils &amp; Local Government.

2. Douglas Devananda – Fisheries

3. Dr. Ramesh Pathirana – Education and Plantation Industries

4. Prasanna Ranatunga – Public Security &amp; Tourism

5. Dilum Amunugama – Transport &amp; Industries

6. Kanaka Herath – Highways

7. Vidura Wickramanayake – Labour

8. Janaka Wakkumbura – Agriculture &amp; Irrigation

9. Shehan Semasinghe – Trade &amp; Samurdhi Development

10. Mohan Priyadarshana De Silva – Water Supply

11. Wimalaweera Dissanayake – Wildlife &amp; Forest Resources Conservation

12. Kanchana Wijesekera – Power &amp; Energy

13. Thenuka Vidanagamage -Sports and Youth Affairs

14. Dr. Nalaka Godahewa – Media

15. Professor Channa Jayasumana – Health

16. Naseer Ahamed – Environment

17. Pramitha Bandara Tennakoon – Ports and Shipping

&nbsp;

The current economic crisis stems from low foreign reserves that has crippled Sri Lanka’s ability to import essential items, including fuel.

Last week, the country temporarily announced a default on its foreign debts. A payment on some of those bond debts are due today.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lanka-defaulting-on-all-its-external-debt-rajapaksa-government-470410">Sri Lanka defaulting on all its external debt: Rajapaksa government</a>

The Colombo Stock Exchange has also suspended trading for five days starting today (Monday) amid fears of a market collapse.

President Gotabaya has so far refused to step down despite mounting pressure from the opposition and the public. 

Watch |&nbsp;Sri Lanka: New cabinet to be sworn-in tomorrow, 18 ministers to take oath

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Amid anti-government protests in the wake of the economic crisis, Sri Lankan President Gotabaya Rajapaksa on Monday appointed 17 cabinet ministers. It comes days after the dismissal of several cabinet ministers as the Rajapaksa government had been facing heat over spiralling inflation, acute shortage of essential items and long power cuts that lasts almost a day.

Amid anti-government protests in the wake of the economic crisis, Sri Lankan President Gotabaya Rajapaksa on Monday appointed 17 cabinet ministers. It comes days after the dismissal of several cabinet ministers as the Rajapaksa government had been facing heat over spiralling inflation, acute shortage of essential items and long power cuts that lasts almost a day. President Gotabaya had even tried to form a united government and had called on the opposition members. But all of them refused and have now moved a no-confidence motion against his government. Also read | Arjuna Ranatunga urges Sri Lanka players to stop playing in IPL and stand for country amid economic crisis The Sri Lankan parliament is now going to meet on April 19 with new Cabinet ministers even as the opposition would most likely step up pressure on the president to resign. Some of the ministers who had resigned earlier have now been re-appointed, while two of President Gotabaya's brothers and his nephew have not found a place in the new cabinet. 1. Dinesh Gunawardena – Public Administration, Internal Affairs, Provincial Councils & Local Government. 2. Douglas Devananda – Fisheries 3. Dr. Ramesh Pathirana – Education and Plantation Industries 4. Prasanna Ranatunga – Public Security & Tourism 5. Dilum Amunugama – Transport & Industries 6. Kanaka Herath – Highways 7. Vidura Wickramanayake – Labour 8. Janaka Wakkumbura – Agriculture & Irrigation 9. Shehan Semasinghe – Trade & Samurdhi Development 10. Mohan Priyadarshana De Silva – Water Supply 11. Wimalaweera Dissanayake – Wildlife & Forest Resources Conservation 12. Kanchana Wijesekera – Power & Energy 13. Thenuka Vidanagamage -Sports and Youth Affairs 14. Dr. Nalaka Godahewa – Media 15. Professor Channa Jayasumana – Health 16. Naseer Ahamed – Environment 17. Pramitha Bandara Tennakoon – Ports and Shipping The current economic crisis stems from low foreign reserves that has crippled Sri Lanka’s ability to import essential items, including fuel. Last week, the country temporarily announced a default on its foreign debts. A payment on some of those bond debts are due today. Also read | Sri Lanka defaulting on all its external debt: Rajapaksa government The Colombo Stock Exchange has also suspended trading for five days starting today (Monday) amid fears of a market collapse. President Gotabaya has so far refused to step down despite mounting pressure from the opposition and the public. Watch | Sri Lanka: New cabinet to be sworn-in tomorrow, 18 ministers to take oath

Sri Lankan president appoints 17 cabinet ministers amid calls for govt ouster

Grappling with the worst economic crisis since its independence, Sri Lanka celebrates New Year

Sri Lankan demonstrators calling for President Gotabaya Rajapaksa to step down have renamed a protest site.

They have set up a camp named ‘Gota-Go-Gama’ (GotaGoGama) amid a deepening economic crisis afflicting their country.

Gota-Go-Gama is a small model village that includes several tents outside the Sri Lankan president's office.

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This protest site has now become fully functional with an uninterrupted supply of food and lodging as well as a make-shift medical camp for health emergencies.

It shows not only the frustration and anger of protesters, but also the resilience and unity of the Sri Lankan youth.

"This is really (like) fighting for independence but it is led by the youths of the country," said protesting lawyer Janaka Edirisinghe.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lankan-pm-mahinda-rajapaksa-says-government-is-working-to-overcome-economic-crisis-470293" hreflang="en">Govt is working to overcome economic crisis: Sri Lankan PM Mahinda Rajapaksa</a>

The island nation of 22 million people announced Tuesday that it was suspending payments on its $51 billion foreign debt.

Sri Lanka's Prime Minister Mahinda Rajapaksa said the country had reached a decisive juncture.

"The President and I are spending every moment to formulate solutions on how to get Sri Lanka out of this current crisis," he said.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lanka-defaulting-on-all-its-external-debt-rajapaksa-government-470410" hreflang="en">Sri Lanka defaulting on all its external debt: Rajapaksa government</a>

"We invited all other parties to come forward and take up the challenge, but they did not, so we will do it on our own," he said, also blaming Sri Lanka's ballooning foreign debt on the pandemic.

"Even if we can’t stop this crisis in two or three days, we will solve it as soon as possible," Rajapaksa said in his televised address.&nbsp;

"Every minute you protest on the streets, we lose an opportunity to earn dollars for the country," he said.

"Please remember that the country needs your patience at this critical moment."

Pressure on the powerful Rajapaksa family has intensified in recent days, with the country's vital business community also withdrawing support for them over the weekend.&nbsp;

Sri Lankan demonstrators calling for President Gotabaya Rajapaksa to step down have renamed a protest site. They have set up a camp named ‘Gota-Go-Gama’ (GotaGoGama) amid a deepening economic crisis afflicting their country.

Sri Lankan demonstrators calling for President Gotabaya Rajapaksa to step down have renamed a protest site. They have set up a camp named ‘Gota-Go-Gama’ (GotaGoGama) amid a deepening economic crisis afflicting their country. Gota-Go-Gama is a small model village that includes several tents outside the Sri Lankan president's office. This protest site has now become fully functional with an uninterrupted supply of food and lodging as well as a make-shift medical camp for health emergencies. It shows not only the frustration and anger of protesters, but also the resilience and unity of the Sri Lankan youth. "This is really (like) fighting for independence but it is led by the youths of the country," said protesting lawyer Janaka Edirisinghe. Also read | Govt is working to overcome economic crisis: Sri Lankan PM Mahinda Rajapaksa The island nation of 22 million people announced Tuesday that it was suspending payments on its $51 billion foreign debt. Sri Lanka's Prime Minister Mahinda Rajapaksa said the country had reached a decisive juncture. "The President and I are spending every moment to formulate solutions on how to get Sri Lanka out of this current crisis," he said. Also read | Sri Lanka defaulting on all its external debt: Rajapaksa government "We invited all other parties to come forward and take up the challenge, but they did not, so we will do it on our own," he said, also blaming Sri Lanka's ballooning foreign debt on the pandemic. "Even if we can’t stop this crisis in two or three days, we will solve it as soon as possible," Rajapaksa said in his televised address. "Every minute you protest on the streets, we lose an opportunity to earn dollars for the country," he said. "Please remember that the country needs your patience at this critical moment." Pressure on the powerful Rajapaksa family has intensified in recent days, with the country's vital business community also withdrawing support for them over the weekend.

Sri Lanka economic crisis: Demonstrators rename protest site to Gotago village

In a bid to find a solution to the current economic, political and social crisis in the country, President Gotabaya Rajapaksa will be holding a crucial meeting with 41 MPs who recently quit the ruling dispensation. The meeting between the Sri Lanka Freedom Party (SLFP) and President Rajapaksa is scheduled to be held at 7.00 pm this evening, reported Daily Mirror.

The information of the decisive and crucial meeting was given by the former President and SLFP leader Maithripala Siriserna. Addressing the media at the party office today morning, he said the main objective of the meeting was to coerce President Rajapaksa to form an interim administration under an all-party Cabinet sans Rajapaksas with the least number of portfolios, reported Daily Mirror.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/more-trouble-for-gotabaya-rajapaksa-as-opposition-mulls-no-confidence-motion-against-sl-president-469734">More trouble for Gotabaya Rajapaksa as opposition mulls no-confidence motion against SL president</a>

"Before the interim administration is set up, the 19th Amendment to the Constitution must be re-introduced with added powers to curtail the executive powers of the executive presidency," he added. The entire country is demanding the removal of the Rajapaksa clan and President Rajapaksa from power in Sri Lanka.

It seems that the protests and agitations against the President and the ruling Sri Lanka Podujana Peramuna (SLPP) government will not subside as long as President Gotabaya Rajapaksa remains in power, reported Daily Mirror."But it is a long process and takes time. The people need immediate solutions to their current grievances such as the power outage, the skyrocketing price of essential commodities, food shortage, the ever-escalating Cost of Living and many more. If we are to find immediate solutions to these pressing issues, first and foremost action must be taken to form a stable government," Sirisena said.

Watch |&nbsp;Gravitas: India won't deploy army to Sri Lanka

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The SLFP is of the view that an all-party interim government with no involvement of the Rajapaksa clan will win public confidence as there will be no unnecessary directives or orders from the executive with the re-introduction of the Constitutional provisions of the 19th Amendment."To do this, the SLFP expects the support and blessings of all political parties represented in Parliament," Sirisena stressed.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lanka-seeking-3-billion-in-months-to-stave-off-crisis-finance-minister-469713">Sri Lanka seeking $3 billion in months to stave off crisis: Finance minister</a>

Sri Lanka is battling a severe economic crisis with food and fuel scarcity affecting a large number of the people in the island nation. The economy has been in a free-fall since the onset of the COVID-19 pandemic. Sri Lanka is also facing a foreign exchange shortage, which has, incidentally, affected its capacity to import food and fuel, leading to the power cuts in the country. The shortage of essential goods forced Sri Lanka to seek assistance from friendly countries.&nbsp;

In a bid to find a solution to the current economic, political and social crisis in the country, President Gotabaya Rajapaksa will be holding a crucial meeting with 41 MPs who recently quit the ruling dispensation.

In a bid to find a solution to the current economic, political and social crisis in the country, President Gotabaya Rajapaksa will be holding a crucial meeting with 41 MPs who recently quit the ruling dispensation. The meeting between the Sri Lanka Freedom Party (SLFP) and President Rajapaksa is scheduled to be held at 7.00 pm this evening, reported Daily Mirror. The information of the decisive and crucial meeting was given by the former President and SLFP leader Maithripala Siriserna. Addressing the media at the party office today morning, he said the main objective of the meeting was to coerce President Rajapaksa to form an interim administration under an all-party Cabinet sans Rajapaksas with the least number of portfolios, reported Daily Mirror. Also read | More trouble for Gotabaya Rajapaksa as opposition mulls no-confidence motion against SL president "Before the interim administration is set up, the 19th Amendment to the Constitution must be re-introduced with added powers to curtail the executive powers of the executive presidency," he added. The entire country is demanding the removal of the Rajapaksa clan and President Rajapaksa from power in Sri Lanka. It seems that the protests and agitations against the President and the ruling Sri Lanka Podujana Peramuna (SLPP) government will not subside as long as President Gotabaya Rajapaksa remains in power, reported Daily Mirror."But it is a long process and takes time. The people need immediate solutions to their current grievances such as the power outage, the skyrocketing price of essential commodities, food shortage, the ever-escalating Cost of Living and many more. If we are to find immediate solutions to these pressing issues, first and foremost action must be taken to form a stable government," Sirisena said. Watch | Gravitas: India won't deploy army to Sri Lanka The SLFP is of the view that an all-party interim government with no involvement of the Rajapaksa clan will win public confidence as there will be no unnecessary directives or orders from the executive with the re-introduction of the Constitutional provisions of the 19th Amendment."To do this, the SLFP expects the support and blessings of all political parties represented in Parliament," Sirisena stressed. Also read | Sri Lanka seeking $3 billion in months to stave off crisis: Finance minister Sri Lanka is battling a severe economic crisis with food and fuel scarcity affecting a large number of the people in the island nation. The economy has been in a free-fall since the onset of the COVID-19 pandemic. Sri Lanka is also facing a foreign exchange shortage, which has, incidentally, affected its capacity to import food and fuel, leading to the power cuts in the country. The shortage of essential goods forced Sri Lanka to seek assistance from friendly countries.

Sri Lanka's President Gotabaya Rajapaksa to hold crucial meeting with 41MPs

Hundreds of protesters, including students,&nbsp;gathered near the Galle Face Green in Colombo against Sri Lankan President Gotabaya Rajapaksa on Saturday, as the country faces its worst economic crisis since its independence.

The road leading to the Presidential Secretariat was completely blocked with students converging&nbsp;on the protest site to make their voices heard against Sri Lanka’s spiralling economic crisis.

Student protesters chanted "Go home, Gota" and called for the Rajapaksha government to step down, while accusing the government of “robbing the youth of their futures”.

According to AFP news agency,&nbsp;Saturday’s protest was largely organised through social media which saw the participation of tens of thousands of protesters.

Similar churnings were witnessed in the Sri Lankan political circles, as the opposition parties are mulling to move a no-confidence motion against Rajapaksa.

According to ANI news agency, Sri Lanka's main opposition party Samagi Jana Balwegaya (SJB) has announced that it will move a no-trust pela if the government fails to provide immediate relief.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/india-our-big-brother-grateful-to-pm-modi-sri-lankas-sanath-jayasuriya-amid-economic-crisis-469085">India our big brother, grateful to PM Modi: Sri Lanka's Sanath Jayasuriya amid economic crisis</a>

"We have decided to bring a no-confidence motion against Sri Lanka president Gotabaya Rajapaksa as he has failed ails to address the country in connection with economic policies. We have called a meeting with all opposition leaders and will take a final decision on it soon," Sri Lanka’s leader of opposition Sajith Premadasa told ANI.

Meanwhile, Sri Lanka's business community, which largely funded Rajapaksa's election campaign, also withdrew its support to the president on Saturday.

"The&nbsp;current political and economic impasse simply cannot continue any further. We need a cabinet and an interim government within a week at most," AFP quoted Rohan Masakorala, head of the Sri Lanka Association of Manufacturers and Exporters of Rubber products, as saying.

In&nbsp;a joint statement,&nbsp;they said that&nbsp;they were responsible for generating&nbsp;nearly a quarter of&nbsp;the&nbsp;country's $80.17 billion gross domestic product and warned that millions of jobs would be in jeopardy.

Watch |&nbsp;Crisis-hit Sri Lanka doubles interest rates to tame inflation

<div class="videoWrapper trancodeVideo"><iframe allowfullscreen="" autoplay="1" class="includeVideo" frameborder="0" height="350" src="https://www.wionews.com/videos/crisis-hit-sri-lanka-doubles-interest-rates-to-tame-inflation-469524/embed" style="width:100%;max-width:560px;" width="560"></iframe></div>

(With inputs from Dasuni Athauda and agencies)

Hundreds of protesters, including students, gathered near the Galle Face Green in Colombo against Sri Lankan President Gotabaya Rajapaksa on Saturday, as the country faces its worst economic crisis since its independence.

Hundreds of protesters, including students, gathered near the Galle Face Green in Colombo against Sri Lankan President Gotabaya Rajapaksa on Saturday, as the country faces its worst economic crisis since its independence. The road leading to the Presidential Secretariat was completely blocked with students converging on the protest site to make their voices heard against Sri Lanka’s spiralling economic crisis. Student protesters chanted "Go home, Gota" and called for the Rajapaksha government to step down, while accusing the government of “robbing the youth of their futures”. According to AFP news agency, Saturday’s protest was largely organised through social media which saw the participation of tens of thousands of protesters. Similar churnings were witnessed in the Sri Lankan political circles, as the opposition parties are mulling to move a no-confidence motion against Rajapaksa. According to ANI news agency, Sri Lanka's main opposition party Samagi Jana Balwegaya (SJB) has announced that it will move a no-trust pela if the government fails to provide immediate relief. Also read | India our big brother, grateful to PM Modi: Sri Lanka's Sanath Jayasuriya amid economic crisis "We have decided to bring a no-confidence motion against Sri Lanka president Gotabaya Rajapaksa as he has failed ails to address the country in connection with economic policies. We have called a meeting with all opposition leaders and will take a final decision on it soon," Sri Lanka’s leader of opposition Sajith Premadasa told ANI. Meanwhile, Sri Lanka's business community, which largely funded Rajapaksa's election campaign, also withdrew its support to the president on Saturday. "The current political and economic impasse simply cannot continue any further. We need a cabinet and an interim government within a week at most," AFP quoted Rohan Masakorala, head of the Sri Lanka Association of Manufacturers and Exporters of Rubber products, as saying. In a joint statement, they said that they were responsible for generating nearly a quarter of the country's $80.17 billion gross domestic product and warned that millions of jobs would be in jeopardy. Watch | Crisis-hit Sri Lanka doubles interest rates to tame inflation (With inputs from Dasuni Athauda and agencies)

More trouble for Gotabaya Rajapaksa as opposition mulls no-confidence motion against SL president

Without any voting, the Sri Lankan parliament has passed a retrospective surcharge bill, that will impose a surcharge tax on rich people.

A 25 per cent windfall tax will be imposed on those companies and individuals who earned more than 2 billion Sri Lankan rupees in the financial year 2020-21.

The government expects to earn a revenue of 100 billion rupees through this tax that was proposed by former finance minister Basil Rajapaksa.

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Gotabaya Rajapaksa has also constituted an expert panel to combat the country's worst economic crisis in decades.

“Among the responsibilities that the presidential advisory group will undertake are to engage in discussions with relevant Sri Lankan institutions and officials engaging with the IMF, and to provide guidance that will address the present debt crisis and lead towards sustainable and inclusive recovery for Sri Lanka,” as per a statement issued by the president's office.

People in Sri Lanka are protesting against the Rajapaksa family due to shortages of fuel, power, food, and medicine.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lanka-slaps-travel-ban-on-former-central-bank-chief-469144" hreflang="en">Sri Lanka slaps travel ban on former central bank chief</a>

Outgoing finance minister Ali Sabry has said, "We must look at how to structure the $1 billion international sovereign bond payment maturing in July."&nbsp;

"We must have political stability to find solutions to the financial crisis," Sabry said.

"We must discuss with the World Bank and we must have a bridge-financing plan with the ADB. If we don't have stability, who will conduct these talks?," he said, referring to the Philippines-based Asian Development Bank.

According to Sri Lanka's central bank, reserves dropped 16 per cent to $1.93 billion in March.

Financial authorities in Sri Lanka are unable to secure more commercial loans because of credit downgrade. The nation can default on $51 billion foreign debt.

(With inputs from agencies)

Without any voting, the Sri Lankan parliament has passed a retrospective surcharge bill, that will impose a surcharge tax on rich people. A 25 per cent windfall tax will be imposed on those companies and individuals who earned more than 2 billion Sri Lankan rupees in the financial year 2020-21.

Without any voting, the Sri Lankan parliament has passed a retrospective surcharge bill, that will impose a surcharge tax on rich people. A 25 per cent windfall tax will be imposed on those companies and individuals who earned more than 2 billion Sri Lankan rupees in the financial year 2020-21. The government expects to earn a revenue of 100 billion rupees through this tax that was proposed by former finance minister Basil Rajapaksa. Gotabaya Rajapaksa has also constituted an expert panel to combat the country's worst economic crisis in decades. “Among the responsibilities that the presidential advisory group will undertake are to engage in discussions with relevant Sri Lankan institutions and officials engaging with the IMF, and to provide guidance that will address the present debt crisis and lead towards sustainable and inclusive recovery for Sri Lanka,” as per a statement issued by the president's office. People in Sri Lanka are protesting against the Rajapaksa family due to shortages of fuel, power, food, and medicine. Also read | Sri Lanka slaps travel ban on former central bank chief Outgoing finance minister Ali Sabry has said, "We must look at how to structure the $1 billion international sovereign bond payment maturing in July." "We must have political stability to find solutions to the financial crisis," Sabry said. "We must discuss with the World Bank and we must have a bridge-financing plan with the ADB. If we don't have stability, who will conduct these talks?," he said, referring to the Philippines-based Asian Development Bank. According to Sri Lanka's central bank, reserves dropped 16 per cent to $1.93 billion in March. Financial authorities in Sri Lanka are unable to secure more commercial loans because of credit downgrade. The nation can default on $51 billion foreign debt. (With inputs from agencies)

Sri Lankan parliament passes bill to impose tax on rich to garner quick revenue

Sri Lankan President Rajapaksa lifted the state of emergency and the parliament session began despite the widespread resistance and also the growing calls for the president's resignation but Gotabaya has said that he will not step down despite the stiff resistance from the opposition and also from the people on the streets.

Gotabaya's ruling coalition in turmoil but he refuses to quit

Sri&nbsp;Lanka&nbsp;must look at restructuring a $1 billion sovereign debt due for payment in July, the outgoing finance minister told parliament on Thursday, urging an end to calls for a change in government amid the country's worst economic crisis in decades.

The opposition and some partners of the ruling coalition rejected calls this week for a unity government from President Gotabaya Rajapaksa after he disbanded his cabinet, in the hope of quelling weeks-long street protests over shortages of fuel, power, food and medicine.

With its foreign exchange reserves shrinking quickly, massive debt payments due and the rupee currency slumping, analysts say the government is running out of options.

Also read | <a href="https://www.wionews.com/south-asia/india-our-big-brother-grateful-to-pm-modi-sri-lankas-sanath-jayasuriya-amid-economic-crisis-469085">India our big brother, grateful to PM Modi: Sri Lanka's Sanath Jayasuriya amid economic crisis</a>

"We must look at how to structure the $1 billion international sovereign bond payment maturing in July. We must go to the IMF, there is no other solution that I can see," said Ali Sabry, who sent his resignation to Rajapaksa on Tuesday, a day after he was moved to finance from the justice ministry.

It was not immediately clear if the president had accepted his resignation, which was submitted just days ahead of scheduled talks with the International Monetary Fund for emergency loans.

"We must have political stability to find solutions to the financial crisis," Sabry said.

"We must discuss with the World Bank and we must have a bridge-financing plan with the ADB. If we don’t have stability, who will conduct these talks?," he said, referring to the Philippines-based Asian Development Bank.

Opposition lawmakers, however, continued to call for the president to step down.

Critics have accused the government of mismanagement, but the economy has also been hit by drought and a sharp drop in tourism due to the COVID-19 pandemic.

Help from the IMF would also likely come with some tough political choices -- policy reforms that could add to the pain in the short-term in hopes of getting the economy back on more solid footing in a few years.

Watch |&nbsp;Gravitas: How can Sri Lanka escape this mess?

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J.P. Morgan analysts estimated this week that&nbsp;Sri&nbsp;Lanka's gross debt servicing would amount to $7 billion this year, with the current account deficit coming in at around $3 billion. As of February, the country had only $2.31 billion in reserves.

Reuters reported on Wednesday that asset managers Blackrock Inc and Ashmore Group Plc were among the top holders of&nbsp;Sri&nbsp;Lanka's international bonds that form part of a creditor group as markets prepare for a potential debt restructuring - which would be a first for the island nation.

Monetary Policy

As the search for a replacement for Sabry continues, a new central bank governor was set to take over on Thursday in place of Ajith Nivard Cabraal, who quit on Monday.

P. Nandalal Weerasinghe, a former senior deputy governor of the Central Bank of&nbsp;Sri&nbsp;Lanka&nbsp;who has worked with the IMF, will hold a monetary policy meeting on Friday. It was originally supposed to be held on Monday.

An analyst said the central bank was expected to hike key interest rates by 300-400 basis points (bps) - following a 100 bps increase in early March - to tame inflation that hit 18.7% in March.

"We also expect the newly appointed governor to outline potential measures to be included in the IMF reform plan, views on potential debt restructuring, and currency management," said Lakshini Fernando of Asia Securities, adding she also expected Weerasinghe to address the need for "higher stability and transparency" at the bank.

Also read |&nbsp;<a href="https://www.wionews.com/south-asia/sri-lanka-appoints-advisory-committee-of-economic-and-fiscal-experts-to-tackle-debt-crisis-469042">Sri Lanka appoints advisory committee of economic and fiscal experts to tackle debt crisis</a>

Protests over shortages of food, fuel, and other essentials have gone unabated in the country of 22 million people. Little money is left to pay for imports.

The&nbsp;Sri&nbsp;Lanka&nbsp;rupee currency's 40% depreciation against the U.S. dollar in one month has compounded problems.

The stock market, which is down a third this year, fell about 4% on Thursday.

Sri Lanka must look at restructuring a $1 billion sovereign debt due for payment in July, the outgoing finance minister told parliament on Thursday, urging an end to calls for a change in government amid the country's worst economic crisis in decades.

Sri Lanka must look at restructuring a $1 billion sovereign debt due for payment in July, the outgoing finance minister told parliament on Thursday, urging an end to calls for a change in government amid the country's worst economic crisis in decades. The opposition and some partners of the ruling coalition rejected calls this week for a unity government from President Gotabaya Rajapaksa after he disbanded his cabinet, in the hope of quelling weeks-long street protests over shortages of fuel, power, food and medicine. With its foreign exchange reserves shrinking quickly, massive debt payments due and the rupee currency slumping, analysts say the government is running out of options. Also read | India our big brother, grateful to PM Modi: Sri Lanka's Sanath Jayasuriya amid economic crisis "We must look at how to structure the $1 billion international sovereign bond payment maturing in July. We must go to the IMF, there is no other solution that I can see," said Ali Sabry, who sent his resignation to Rajapaksa on Tuesday, a day after he was moved to finance from the justice ministry. It was not immediately clear if the president had accepted his resignation, which was submitted just days ahead of scheduled talks with the International Monetary Fund for emergency loans. "We must have political stability to find solutions to the financial crisis," Sabry said. "We must discuss with the World Bank and we must have a bridge-financing plan with the ADB. If we don’t have stability, who will conduct these talks?," he said, referring to the Philippines-based Asian Development Bank. Opposition lawmakers, however, continued to call for the president to step down. Critics have accused the government of mismanagement, but the economy has also been hit by drought and a sharp drop in tourism due to the COVID-19 pandemic. Help from the IMF would also likely come with some tough political choices -- policy reforms that could add to the pain in the short-term in hopes of getting the economy back on more solid footing in a few years. Watch | Gravitas: How can Sri Lanka escape this mess? J.P. Morgan analysts estimated this week that Sri Lanka's gross debt servicing would amount to $7 billion this year, with the current account deficit coming in at around $3 billion. As of February, the country had only $2.31 billion in reserves. Reuters reported on Wednesday that asset managers Blackrock Inc and Ashmore Group Plc were among the top holders of Sri Lanka's international bonds that form part of a creditor group as markets prepare for a potential debt restructuring - which would be a first for the island nation. Monetary Policy As the search for a replacement for Sabry continues, a new central bank governor was set to take over on Thursday in place of Ajith Nivard Cabraal, who quit on Monday. P. Nandalal Weerasinghe, a former senior deputy governor of the Central Bank of Sri Lanka who has worked with the IMF, will hold a monetary policy meeting on Friday. It was originally supposed to be held on Monday. An analyst said the central bank was expected to hike key interest rates by 300-400 basis points (bps) - following a 100 bps increase in early March - to tame inflation that hit 18.7% in March. "We also expect the newly appointed governor to outline potential measures to be included in the IMF reform plan, views on potential debt restructuring, and currency management," said Lakshini Fernando of Asia Securities, adding she also expected Weerasinghe to address the need for "higher stability and transparency" at the bank. Also read | Sri Lanka appoints advisory committee of economic and fiscal experts to tackle debt crisis Protests over shortages of food, fuel, and other essentials have gone unabated in the country of 22 million people. Little money is left to pay for imports. The Sri Lanka rupee currency's 40% depreciation against the U.S. dollar in one month has compounded problems. The stock market, which is down a third this year, fell about 4% on Thursday.

Crisis deepens: Sri Lanka needs stability, must restructure $1 billion debt, says outgoing finance minister

In Sri Lanka, a new financial and economic team for multilateral affairs and debt sustainability in the country has been appointed by the government on Wednesday (April 6).&nbsp;

President Gotabaya Rajapaksa appointed the team with eminent experts, who will be asked to address and provide guidance on the current debt crisis.&nbsp;

The experts will also engage with the International Monetary Fund (IMF) and other lenders as the country struggles to combat the unprecedented shortage of foreign reserves.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/chinese-shadow-as-south-asian-countries-face-political-and-social-upheavals-468981">Chinese shadow as South Asian countries face political and social upheavals</a>

As per a statement issued by the President Media Division on Wednesday, the advisory group includes Indrajit Coomaraswamy, former governor of the Central Bank of Sri Lanka and former director of the Economic Affairs Division of the Commonwealth Secretariat.&nbsp;

The team also includes Shanta Devarajan, who is a Professor of Development Scheme at Georgetown University and former Chief Economist of World Bank and Sharmini Coorey, former Director of Corporate Capacity Development and former Deputy Director of African Department of IMF.&nbsp;

As reported by news agencies, the division said that the members of the advisory group have already held discussions with the President over the ongoing crisis.&nbsp;

ALSO READ |&nbsp;<a href="https://www.wionews.com/south-asia/power-to-the-people-rap-song-featuring-wions-report-on-sri-lanka-economic-crisis-goes-viral-468843">'Power to the people': Rap song featuring WION's report on Sri Lanka economic crisis goes viral</a>

Sri Lanka is battling a severe economic crisis with food and fuel scarcity affecting a large number of the people in the island nation.&nbsp;

Sri&nbsp;Lankans have&nbsp;said they continue to struggle with the state of the country's economy.

President Gotabaya Rajapaksa maintained his stance of not resigning.&nbsp;

WATCH |&nbsp;Gotabaya's ruling coalition in turmoil but he refuses to quit

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(With inputs from agencies)&nbsp;

In Sri Lanka, a new financial and economic team for multilateral affairs and debt sustainability in the country has been appointed by the government on Wednesday (April 6).

In Sri Lanka, a new financial and economic team for multilateral affairs and debt sustainability in the country has been appointed by the government on Wednesday (April 6). President Gotabaya Rajapaksa appointed the team with eminent experts, who will be asked to address and provide guidance on the current debt crisis. The experts will also engage with the International Monetary Fund (IMF) and other lenders as the country struggles to combat the unprecedented shortage of foreign reserves. ALSO READ | Chinese shadow as South Asian countries face political and social upheavals As per a statement issued by the President Media Division on Wednesday, the advisory group includes Indrajit Coomaraswamy, former governor of the Central Bank of Sri Lanka and former director of the Economic Affairs Division of the Commonwealth Secretariat. The team also includes Shanta Devarajan, who is a Professor of Development Scheme at Georgetown University and former Chief Economist of World Bank and Sharmini Coorey, former Director of Corporate Capacity Development and former Deputy Director of African Department of IMF. As reported by news agencies, the division said that the members of the advisory group have already held discussions with the President over the ongoing crisis. ALSO READ | 'Power to the people': Rap song featuring WION's report on Sri Lanka economic crisis goes viral Sri Lanka is battling a severe economic crisis with food and fuel scarcity affecting a large number of the people in the island nation. Sri Lankans have said they continue to struggle with the state of the country's economy. President Gotabaya Rajapaksa maintained his stance of not resigning. WATCH | Gotabaya's ruling coalition in turmoil but he refuses to quit × (With inputs from agencies)

Sri Lanka appoints advisory committee of economic and fiscal experts to tackle debt crisis

Sri Lanka's parliament is set to meet on Tuesday amid large scale anti-government protests.

Lankan President Gotabaya Rajapaksa had earlier urged opposition party leaders to join the government&nbsp;after the cabinet ministers resigned from their posts on Sunday.

The country's opposition however dismissed the president's invitation of a unity government amid the political turmoil sweeping the country.

<a href="https://www.wionews.com/south-asia/rice-from-india-to-arrive-in-the-country-soon-says-indian-envoy-to-sri-lanka-gopal-baglay-468358">Also Read:&nbsp;'Rice from India to arrive in the country soon,' says Indian envoy to Sri Lanka Gopal Baglay&nbsp;</a>&nbsp;

Protesters took to the streets despite a nationwide curfew in the country while demonstrating against rising&nbsp;prices and the worsening economic state in the country.

Watch: Political crisis in Sri Lanka erupts

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The Lankan president had imposed a state of emergency last weekend as protesters tried to storm the president's house in Colombo. Reports claim Sri Lanka's top medical body has declared a state of emergency due to a lack of medicines in the country.

Sri Lanka's new finance minister MUM Ali Sabry resigned from his post&nbsp;on Wednesday. Sabry was earlier the Justice minister.

Reports claim protesters demonstrated against the government outside the offices of the president and the prime minister in Colombo amid escalating tensions between the government and the people.

<a href="https://www.wionews.com/south-asia/sri-lanka-lifts-social-media-gag-as-students-defy-curfew-to-protest-against-inflation-power-cuts-467993">Also Read:&nbsp;Sri Lanka lifts social media gag as students defy curfew</a>

Sri Lanka has been hit by an economic crisis for the past two years with the outbreak of the COVID-19 crisis with its foreign reserves running at an all-time low. The country has been experiencing rising inflation and fuel prices including power cuts leading to mass distress among the citizens.

Amid the economic turmoil, the country's central bank governor Ajith Cabraal stepped down on Monday as mass anti-government protests continues&nbsp;in the country.

(With inputs from Agencies)

Sri Lanka's parliament is set to meet on Tuesday amid large scale anti-government protests. Lankan President Gotabaya Rajapaksa had earlier urged opposition party leaders to join the government after the cabinet ministers resigned from their posts on Sunday.

Sri Lanka's parliament is set to meet on Tuesday amid large scale anti-government protests. Lankan President Gotabaya Rajapaksa had earlier urged opposition party leaders to join the government after the cabinet ministers resigned from their posts on Sunday. The country's opposition however dismissed the president's invitation of a unity government amid the political turmoil sweeping the country. Also Read: 'Rice from India to arrive in the country soon,' says Indian envoy to Sri Lanka Gopal Baglay Protesters took to the streets despite a nationwide curfew in the country while demonstrating against rising prices and the worsening economic state in the country. Watch: Political crisis in Sri Lanka erupts The Lankan president had imposed a state of emergency last weekend as protesters tried to storm the president's house in Colombo. Reports claim Sri Lanka's top medical body has declared a state of emergency due to a lack of medicines in the country. Sri Lanka's new finance minister MUM Ali Sabry resigned from his post on Wednesday. Sabry was earlier the Justice minister. Reports claim protesters demonstrated against the government outside the offices of the president and the prime minister in Colombo amid escalating tensions between the government and the people. Also Read: Sri Lanka lifts social media gag as students defy curfew Sri Lanka has been hit by an economic crisis for the past two years with the outbreak of the COVID-19 crisis with its foreign reserves running at an all-time low. The country has been experiencing rising inflation and fuel prices including power cuts leading to mass distress among the citizens. Amid the economic turmoil, the country's central bank governor Ajith Cabraal stepped down on Monday as mass anti-government protests continues in the country. (With inputs from Agencies)

Sri Lankan medical body declares health emergency amid political turmoil: Report

Sri Lankan president Gotabaya Rajapaksa has now issued a gazette that prohibits anyone from being in public spaces like parks, recreation spots, railways, seashore public roads and more unless they have a written permission to do so.

Sri Lankan President Gotabaya Rajapaksa declares public emergency

A group of protesters tried to storm Sri Lankan President Gotabaya Rajapaksa's private residence. The angry crowd wanted the President to quit. Will a sinking economy spell the end of the Rajapaksas? Palki Sharma tells you.

Gravitas: Angry Sri Lankans want Rajapaksa to quit

Police fired tear gas and water cannon at hundreds of protesters trying to storm the home of Sri Lankan President Gotabaya Rajapaksa in the capital Thursday, demanding his resignation as the South Asian nation's economic crisis worsened.

The island of 22 million people is in the grips of its worst downturn since independence, sparked by an acute lack of foreign currency to pay for even the most essential imports.

Diesel -- the main fuel for buses and commercial vehicles -- was unavailable at stations across the island on Thursday, according to officials and media reports -- crippling public transport.

Outside Rajapaksa's home in Colombo's Mirihana residential quarter, anti-riot squads beat back demonstrators after they blocked the roads for more than two hours.

"I am unable to go home because our area is barricaded," one resident told AFP. "People are shouting for the president and his family to step down."

Official sources told AFP that Rajapaksa was not at home during the protests.&nbsp;

The rally had been called by social media activists who were not immediately identified, but their ire was directed at Rajapaksa and his family.

Videos shared on social media showed men and women shouting "lunatic, lunatic go home" and demanding that all members of the powerful Rajapaksa family step down.

<a href="https://www.wionews.com/south-asia/debt-ridden-sri-lanka-runs-out-of-diesel-as-people-reel-under-hours-long-blackout-467173">Also Read: Debt-ridden Sri Lanka runs out of diesel as people reel under hours-long blackout</a>

The president's elder brother Mahinda serves as prime minister while the youngest -- Basil -- holds the finance portfolio. The eldest brother Chamal is the agriculture minister while nephew Namal holds the cabinet post for sports.

Diesel shortages had sparked outrage across Sri Lanka in recent days, but the protests had so far been in towns and not aimed at any top leader, before Thursday's events.

"We are siphoning off fuel from buses that are in the garage for repairs and using that diesel to operate serviceable vehicles," Transport Minister Dilum Amunugama said.

Owners of private buses -- which account for two-thirds of the country's fleet -- said they were already out of oil and that even skeleton services might not be possible after Friday.

"We are still using old stocks of diesel, but if we don't get supplies by this evening, we will not be able to operate," the chairman of the private bus operators association, Gemunu Wijeratne, told AFP.

The state electricity monopoly said it had enforced a 13-hour power cut from Thursday -- the longest ever -- because they did not have diesel for generators.

Reservoirs, which provide more than a third of electricity demand via hydro power plants, were also at dangerously low levels.

The electricity rationing also hit mobile phone base stations and affected the quality of calls, operators said, adding that their stand-by generators were also without diesel.

Several state-run hospitals have stopped conducting surgeries as they have run out of essential life-saving medicines.

Colombo imposed a broad import ban in March 2020 in a bid to save foreign currency needed to service its $51 billion in foreign debt.

The government has said it is seeking a bailout from the International Monetary Fund while asking for more loans from India and China.

Sri Lanka's predicament was exacerbated by the Covid-19 pandemic, which torpedoed tourism and remittances.

Many economists also blame government mismanagement including tax cuts and years of budget deficits.

Police fired tear gas and water cannon at hundreds of protesters trying to storm the home of Sri Lankan President Gotabaya Rajapaksa in the capital Thursday, demanding his resignation as the South Asian nation's economic crisis worsened.

Police fired tear gas and water cannon at hundreds of protesters trying to storm the home of Sri Lankan President Gotabaya Rajapaksa in the capital Thursday, demanding his resignation as the South Asian nation's economic crisis worsened. The island of 22 million people is in the grips of its worst downturn since independence, sparked by an acute lack of foreign currency to pay for even the most essential imports. Diesel -- the main fuel for buses and commercial vehicles -- was unavailable at stations across the island on Thursday, according to officials and media reports -- crippling public transport. Outside Rajapaksa's home in Colombo's Mirihana residential quarter, anti-riot squads beat back demonstrators after they blocked the roads for more than two hours. "I am unable to go home because our area is barricaded," one resident told AFP. "People are shouting for the president and his family to step down." Official sources told AFP that Rajapaksa was not at home during the protests. The rally had been called by social media activists who were not immediately identified, but their ire was directed at Rajapaksa and his family. Videos shared on social media showed men and women shouting "lunatic, lunatic go home" and demanding that all members of the powerful Rajapaksa family step down. Also Read: Debt-ridden Sri Lanka runs out of diesel as people reel under hours-long blackout The president's elder brother Mahinda serves as prime minister while the youngest -- Basil -- holds the finance portfolio. The eldest brother Chamal is the agriculture minister while nephew Namal holds the cabinet post for sports. Diesel shortages had sparked outrage across Sri Lanka in recent days, but the protests had so far been in towns and not aimed at any top leader, before Thursday's events. "We are siphoning off fuel from buses that are in the garage for repairs and using that diesel to operate serviceable vehicles," Transport Minister Dilum Amunugama said. Owners of private buses -- which account for two-thirds of the country's fleet -- said they were already out of oil and that even skeleton services might not be possible after Friday. "We are still using old stocks of diesel, but if we don't get supplies by this evening, we will not be able to operate," the chairman of the private bus operators association, Gemunu Wijeratne, told AFP. The state electricity monopoly said it had enforced a 13-hour power cut from Thursday -- the longest ever -- because they did not have diesel for generators. Reservoirs, which provide more than a third of electricity demand via hydro power plants, were also at dangerously low levels. The electricity rationing also hit mobile phone base stations and affected the quality of calls, operators said, adding that their stand-by generators were also without diesel. Several state-run hospitals have stopped conducting surgeries as they have run out of essential life-saving medicines. Colombo imposed a broad import ban in March 2020 in a bid to save foreign currency needed to service its $51 billion in foreign debt. The government has said it is seeking a bailout from the International Monetary Fund while asking for more loans from India and China. Sri Lanka's predicament was exacerbated by the Covid-19 pandemic, which torpedoed tourism and remittances. Many economists also blame government mismanagement including tax cuts and years of budget deficits.

Protesters try to storm Sri Lanka President Gotabaya Rajapaksa's home

Sri Lankan demonstrators clash with police in violent protest over economic crisis

For many in Sri Lanka, life is pretty much in survival mode right now where your daily chores and activities must be carefully planned in a manner according to the intermittent power cuts and the instinct to spot the fastest moving queues at the fuel and gas station, and outside grocery stores.

For the most part, the fuel crisis has been sticking out for months like a sore thumb, with commuters and passengers deeply inconvenienced on a daily basis as they impatiently wait in line for hours to fill up their tanks.

While some might eventually fill up their tanks at the cost of breaking the bank and thinning patience, some face the horror of returning empty-handed even after standing in line for hours as the fuel stations run out of supply.

When WION observed fuel stations across the commercial capital in Colombo over the past few days, steady lines of vehicles and people standing with cans and bottles were visible at almost every fuel station.

So far, three senior citizens have died due to exhaustion and one was stabbed and killed while in line for fuel —a very saddening sight and reminder of the desperation, plight and anger of the people.

In light of the recent turmoil, President Gotabaya Rajapaksa initiated the All-Party Conference (APC) to seek solutions to the ongoing crisis.

Although the main opposition parties - The Samagi &nbsp;Janabalawegaya and the Janatha Vimukthi Peramuna—decided to boycott the conference, former prime minister Ranil Wickramasinghe decided to attend. In fact, he stole the limelight with his comments.

In the event, Wickremesinghe snapped back at the Central Bank Governor who opened his remarks by blaming the former government for the crisis in front of the parties who attended the APC casting aside their differences.

The former premiere also butted heads with the incumbent Finance Minister, Basil Rajapaksha, when an argument broke out over the latter’s demand to furnish the draft report of the International Monetary Fund at the Parliament.

Wickremesinghe said repeated requests for the IMF report on Sri Lanka were turned down by the government, adding that this was the reason for many political parties to boycott the All-Party Conference.

Finance Minister Rajapaksa said that Sri Lanka has not received the full report from the IMF, to which the former prime minister responded that he was informed that the report in its entirety was submitted to the Government of Sri Lanka.

Rajapaksa said that what Sri Lanka received was a draft, and the government would add its comments to it and the final report will only be released following the IMF board approval.

For many in Sri Lanka, life is pretty much in survival mode right now where your daily chores and activities must be carefully planned in a manner according to the intermittent power cuts and the instinct to spot the fastest moving queues at the fuel and gas station, and outside grocery stores.

For many in Sri Lanka, life is pretty much in survival mode right now where your daily chores and activities must be carefully planned in a manner according to the intermittent power cuts and the instinct to spot the fastest moving queues at the fuel and gas station, and outside grocery stores. For the most part, the fuel crisis has been sticking out for months like a sore thumb, with commuters and passengers deeply inconvenienced on a daily basis as they impatiently wait in line for hours to fill up their tanks. While some might eventually fill up their tanks at the cost of breaking the bank and thinning patience, some face the horror of returning empty-handed even after standing in line for hours as the fuel stations run out of supply. When WION observed fuel stations across the commercial capital in Colombo over the past few days, steady lines of vehicles and people standing with cans and bottles were visible at almost every fuel station. So far, three senior citizens have died due to exhaustion and one was stabbed and killed while in line for fuel —a very saddening sight and reminder of the desperation, plight and anger of the people. In light of the recent turmoil, President Gotabaya Rajapaksa initiated the All-Party Conference (APC) to seek solutions to the ongoing crisis. Although the main opposition parties - The Samagi Janabalawegaya and the Janatha Vimukthi Peramuna—decided to boycott the conference, former prime minister Ranil Wickramasinghe decided to attend. In fact, he stole the limelight with his comments. In the event, Wickremesinghe snapped back at the Central Bank Governor who opened his remarks by blaming the former government for the crisis in front of the parties who attended the APC casting aside their differences. The former premiere also butted heads with the incumbent Finance Minister, Basil Rajapaksha, when an argument broke out over the latter’s demand to furnish the draft report of the International Monetary Fund at the Parliament. Wickremesinghe said repeated requests for the IMF report on Sri Lanka were turned down by the government, adding that this was the reason for many political parties to boycott the All-Party Conference. Finance Minister Rajapaksa said that Sri Lanka has not received the full report from the IMF, to which the former prime minister responded that he was informed that the report in its entirety was submitted to the Government of Sri Lanka. Rajapaksa said that what Sri Lanka received was a draft, and the government would add its comments to it and the final report will only be released following the IMF board approval.

Sri Lanka’s economic crisis: As people’s patience runs out, top leadership plays blame game

Sri Lanka will seek International Monetary Fund (IMF) bailout, said President Gotabaya Rajapaksa. The country is facing forex shortages for basic imports as printed money has pushed up domestic demand and made it difficult to repay debt.

Sri Lanka seeks IMF bailout amid rising fuel shortages, public anger

Sri Lankan President Gotabaya Rajapaksa has appointed a former Navy chief Admiral Wasantha Karannagoda, previously accused of abduction and conspiracy to murder as Governor of North-Western province.

Sri Lanka's ex-Navy Chief appointed as governor

In yet another controversial appointment, Sri Lankan President Gotabaya Rajapaksa appoints former Navy chief Admiral Wasantha Karannagoda as next Governor of North-Western province.

Sri Lanka President Gotabaya Rajapaksa fumes controversy | Appoints former Navy chief as Governor

A new controversy has put the Rajapaksas on the backfoot. Sri Lankan President Gotabaya Rajapaksa's push for 'One Country, One law' has led to backlash. Moly Gambhir tells you more.

Gravitas:  A controversy adds to Sri Lanka's growing troubles

Sri Lankan justice minister Ali Sabry has submitted his resignation for his parliamentary seat and justice portfolio over the Presidential task force. So far the President Gotabaya Rajapaksa has refused to accept his resignation letter.

Sri Lankan justice minister submits resignation over Presidential task force

Sri Lankan President Gotabaya Rajapaksa recently appointed a hardline Buddhist monk, known for his anti-Muslim stance, as head of a task force for the establishment of ‘One Country, One law' concept.

Sri Lankan Prez appoints controversial Buddhist Monk to head 'One Country, One Law' task-force

One Country One Law could soon be a reality in Sri Lanka. President Gotabaya Rajapaksa has set up a 13-member task force to formulate a draft report by February 2022. Who will head the task force? Watch this report by Palki Sharma to find out.

Gravitas: Sri Lanka sets up task force to formulate a Uniform Law

Sri Lankan president Gotabaya Rajapaksa has appointed a thirteen-member task force to study the implementation of the concept of 'one country one law' and further prepare a draft. WION's Dasuni Athauda brings you all the latest developments.

Sri Lankan president Gotabaya Rajapaksa appoints controversial monk as task force head

Sri Lankan President Gotabaya Rajapaksa admitted his government is "not delivering" as shortages persist of food, medicines and other essential items because of a dire foreign exchange squeeze.

"The people may have a sense of displeasure towards me and the government for not delivering as they expected," Rajapaksa's office quoted him as saying on Sunday.&nbsp;

"I accept that. Not only me, but all ministers and Members of Parliament should accept it," he told troops in a speech marking the 72nd anniversary of the military's founding.

A shortage of foreign currency has hindered the ability of the island nation of 21 million people to import goods, prompting the government to declare a state of emergency and impose rationing.

On Friday, the government removed price restrictions on essential foods in a desperate bid to end hoarding of staples such as rice, sugar, lentils and milk powder.

Within hours of Rajapaksa's remarks on Sunday, the government also announced an 85 per cent hike in the price of liquified petroleum gas used in cooking stoves, starting Monday.

The prices of wheat flour and cement were also increased by nearly 10 per cent.

The state-run Petroleum Corporation said it was asking the government to substantially increase retail prices for all fuels to offset losses of $350 million in the first eight months of this year.

Private economists and international rating agencies say Sri Lanka's economic woes predate the pandemic.

Foreign reserves were $7.5 billion when Rajapaksa took office in November 2019 but had fallen to $2.5 billion by the end of September, raising concerns about Colombo's ability to service its huge foreign debt.

Soon after coming to power, Rajapaksa slashed sales taxes by half and drastically reduced taxes on corporate profits and personal income, hoping it would boost investments and strengthen the economy.

But instead Sri Lanka recorded its worst economic performance last year with a 3.6 percent contraction in output fuelled largely by the fallout from the pandemic on tourism.

The government banned imports of non-essential goods, including vehicles, in March 2020 because of the currency shortages.

Sri Lankan President Gotabaya Rajapaksa admitted his government is "not delivering" as shortages persist of food, medicines and other essential items because of a dire foreign exchange squeeze.

Sri Lankan President Gotabaya Rajapaksa admitted his government is "not delivering" as shortages persist of food, medicines and other essential items because of a dire foreign exchange squeeze. "The people may have a sense of displeasure towards me and the government for not delivering as they expected," Rajapaksa's office quoted him as saying on Sunday. "I accept that. Not only me, but all ministers and Members of Parliament should accept it," he told troops in a speech marking the 72nd anniversary of the military's founding. A shortage of foreign currency has hindered the ability of the island nation of 21 million people to import goods, prompting the government to declare a state of emergency and impose rationing. On Friday, the government removed price restrictions on essential foods in a desperate bid to end hoarding of staples such as rice, sugar, lentils and milk powder. Within hours of Rajapaksa's remarks on Sunday, the government also announced an 85 per cent hike in the price of liquified petroleum gas used in cooking stoves, starting Monday. The prices of wheat flour and cement were also increased by nearly 10 per cent. The state-run Petroleum Corporation said it was asking the government to substantially increase retail prices for all fuels to offset losses of $350 million in the first eight months of this year. Private economists and international rating agencies say Sri Lanka's economic woes predate the pandemic. Foreign reserves were $7.5 billion when Rajapaksa took office in November 2019 but had fallen to $2.5 billion by the end of September, raising concerns about Colombo's ability to service its huge foreign debt. Soon after coming to power, Rajapaksa slashed sales taxes by half and drastically reduced taxes on corporate profits and personal income, hoping it would boost investments and strengthen the economy. But instead Sri Lanka recorded its worst economic performance last year with a 3.6 percent contraction in output fuelled largely by the fallout from the pandemic on tourism. The government banned imports of non-essential goods, including vehicles, in March 2020 because of the currency shortages.

Sri Lanka President Gotabaya Rajapaksa admits to 'not delivering' amid economic struggle

Sri Lanka President Gotabaya Rajapaksa announced on Monday that he would seek a second term, said media reports. This is a reversal of a promise to only stay for five years.

The nationalist leader told top media executives that he needed more time to fix Sri Lanka's worsening economic crisis, said the media reports.

Rajapaksa had said during his triumphant 2019 election campaign that he would be a one-term president.

He reaffirmed last year that a single term would be sufficient to implement his ambitious plans. This triggered a succession struggle within the powerful Rajapaksa family.&nbsp;

Elections are not due until 2024, but Rajapaksa now says he needs five more years to implement his "Vistas of Prosperity and Splendour" manifesto after the economy contracted by a record 3.6 percent in his first year. The government has banned many imports because of a foreign currency crunch.

Rajapaksa "today declared that he would contest for a second term", the pro-government The Morning website quoted him as telling media owners.

Rajapaksa's statements have set off speculations about Rajapaksa family's plan to remain a dominant political force.

The elevation of the president's youngest brother Basil, 70, as finance minister earlier this month was widely seen as a move to groom him for the presidency.

Basil was thought to have edged out his nephew, Namal, the minister of sports and eldest son of Prime Minister Mahinda Rajapaksa, to be the next family leader.&nbsp;

"Another U-turn and maybe this squashes Basil's chances for the next presidency," said Jamila Husain, a deputy editor of the Daily Mirror newspaper, on Twitter.

Since his election, Gotabaya Rajapaksa has tightened the family grip on power.

(With inputs from agencies)

Sri Lanka President Gotabaya Rajapaksa announced on Monday that he would seek a second term, said media reports. This is a reversal of a promise to only stay for five years.

Sri Lanka President Gotabaya Rajapaksa announced on Monday that he would seek a second term, said media reports. This is a reversal of a promise to only stay for five years. The nationalist leader told top media executives that he needed more time to fix Sri Lanka's worsening economic crisis, said the media reports. Rajapaksa had said during his triumphant 2019 election campaign that he would be a one-term president. He reaffirmed last year that a single term would be sufficient to implement his ambitious plans. This triggered a succession struggle within the powerful Rajapaksa family. Elections are not due until 2024, but Rajapaksa now says he needs five more years to implement his "Vistas of Prosperity and Splendour" manifesto after the economy contracted by a record 3.6 percent in his first year. The government has banned many imports because of a foreign currency crunch. Rajapaksa "today declared that he would contest for a second term", the pro-government The Morning website quoted him as telling media owners. Rajapaksa's statements have set off speculations about Rajapaksa family's plan to remain a dominant political force. The elevation of the president's youngest brother Basil, 70, as finance minister earlier this month was widely seen as a move to groom him for the presidency. Basil was thought to have edged out his nephew, Namal, the minister of sports and eldest son of Prime Minister Mahinda Rajapaksa, to be the next family leader. "Another U-turn and maybe this squashes Basil's chances for the next presidency," said Jamila Husain, a deputy editor of the Daily Mirror newspaper, on Twitter. Since his election, Gotabaya Rajapaksa has tightened the family grip on power. (With inputs from agencies)

Sri Lanka President Gotabaya Rajapaksa to seek second term