Firstpost
  • Home
  • Video Shows
    Vantage Firstpost America Firstpost Africa First Sports
  • World
    US News
  • Explainers
  • News
    India Opinion Cricket Tech Entertainment Sports Health Photostories
  • Asia Cup 2025
Apple Incorporated Modi ji Justin Trudeau Trending

Sections

  • Home
  • Live TV
  • Videos
  • Shows
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Health
  • Tech/Auto
  • Entertainment
  • Web Stories
  • Business
  • Impact Shorts

Shows

  • Vantage
  • Firstpost America
  • Firstpost Africa
  • First Sports
  • Fast and Factual
  • Between The Lines
  • Flashback
  • Live TV

Events

  • Raisina Dialogue
  • Independence Day
  • Champions Trophy
  • Delhi Elections 2025
  • Budget 2025
  • US Elections 2024
  • Firstpost Defence Summit
Trending:
  • PM Modi in Manipur
  • Charlie Kirk killer
  • Sushila Karki
  • IND vs PAK
  • India-US ties
  • New human organ
  • Downton Abbey: The Grand Finale Movie Review
fp-logo
Five months of Sri Lankan crisis: From state of emergency to $2.9 billion bailout deal
Whatsapp Facebook Twitter
Whatsapp Facebook Twitter
Apple Incorporated Modi ji Justin Trudeau Trending

Sections

  • Home
  • Live TV
  • Videos
  • Shows
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Health
  • Tech/Auto
  • Entertainment
  • Web Stories
  • Business
  • Impact Shorts

Shows

  • Vantage
  • Firstpost America
  • Firstpost Africa
  • First Sports
  • Fast and Factual
  • Between The Lines
  • Flashback
  • Live TV

Events

  • Raisina Dialogue
  • Independence Day
  • Champions Trophy
  • Delhi Elections 2025
  • Budget 2025
  • US Elections 2024
  • Firstpost Defence Summit
  • Home
  • World
  • Five months of Sri Lankan crisis: From state of emergency to $2.9 billion bailout deal

Five months of Sri Lankan crisis: From state of emergency to $2.9 billion bailout deal

agence france-presse • September 1, 2022, 17:45:58 IST
Whatsapp Facebook Twitter

The island nation of 22 million people has suffered months of blackouts as well as acute food, fuel and medicine shortages

Advertisement
Subscribe Join Us
Add as a preferred source on Google
Prefer
Firstpost
On
Google
Five months of Sri Lankan crisis: From state of emergency to $2.9 billion bailout deal

Colombo: Sri Lanka struck a $2.9 billion bailout deal with the International Monetary Fund on Thursday, a key hurdle in the government’s efforts to overcome a painful and unprecedented economic crisis. The island nation of 22 million people has suffered months of blackouts as well as acute food, fuel and medicine shortages. Tens of thousands of people have protested against the government’s handling of the crisis, aggravated by the loss of tourist revenue during the COVID-19 pandemic. At the peak of the demonstrations, an angry crowd stormed former leader Gotabaya Rajapaksa's house and forced the then-president to flee the country. His successor Ranil Wickremesinghe has cracked down hard on demonstrations and introduced sweeping economic reforms in an effort to repair the nation’s shattered finances. AFP looks at how the crisis unfolded: 1 April: State of emergency President Gotabaya Rajapaksa declares a state of emergency after clashes between police and hundreds of demonstrators demanding his resignation outside his residence in the capital Colombo. [caption id=“attachment_11161721” align=“alignnone” width=“640”] A demonstrator throws back a tear gas canister fired by police. AFP[/caption] 3 April: Cabinet resigns Most of the Cabinet resigns at a late-night meeting two days later, leaving Rajapaksa and his brother Mahinda — the prime minister — isolated. The central bank governor quits a day later. 5 April: President loses majority Finance Minister Ali Sabry resigns just a day after being appointed. The president then loses his parliamentary majority as former allies urge him to quit. He lifts the state of emergency. 12 April: Foreign debt default The government announces it is defaulting on its foreign debt of $51 billion. 19 April: First casualty Police kill a protester , the first casualty after several weeks of anti-government protests. The next day, the IMF says it has asked Sri Lanka to restructure its colossal external debt before a rescue package can be agreed. 9 May: Day of violence A mob of government loyalists bussed in from the countryside attacks peaceful protesters camped outside the president’s office. [caption id=“attachment_11161781” align=“alignnone” width=“640”] Protesters hold torches and placards during an anti-government demonstration in Colombo. AFP[/caption] Nine people are killed and hundreds more injured in reprisal attacks. Mahinda Rajapaksa resigns as prime minister and has to be rescued by troops after thousands of protesters storm his official residence in Colombo. He is replaced by Ranil Wickremesinghe, a political veteran also deeply unpopular among the protesters. 10 June: Humanitarian crisis The United Nations warns that Sri Lanka is facing a dire humanitarian crisis, with millions already in need of aid. More than three-quarters of the population had reduced their food intake due to severe food shortages , it says. 9 July: President’s home stormed Rajapaksa flees his official residence with the assistance of troops, shortly before demonstrators storm the compound. Wickremesinghe’s home is torched by protesters. 13 July: President flees country Rajapaksa flies to the Maldives on a military aircraft, accompanied by his wife and two bodyguards. Six-time premier Wickremesinghe is appointed as acting president. The government declares a state of emergency. 14 July: Rajapaksa resigns Rajapaksa leaves the Maldives for Singapore. On arrival, he emails his resignation as president to the parliamentary speaker. 20 July: Wickremesinghe elected president Wickremesinghe beats two opponents to be elected president by parliament for the remainder of Rajapaksa’s term, which expires in November 2024. The 73-year-old begins a crackdown on demonstrators, with security forces dismantling a protest camp near the president’s office and arresting prominent activists. Wickremesinghe also embarks on a reform programme to meet IMF conditions for a bailout, raising taxes and hiking the cost of fuel and utilities. 1 September: Bailout deal The IMF announces a four-year, $2.9 billion bailout package, conditional on a deal between the government and its creditors to restructure its borrowings. The agreement still needs approval by the lender’s board, and is lower than the $3-4 billion sought by Sri Lanka, but is an important first step in restoring public finances. Peter Breuer, the IMF’s head of mission, urges creditors to cut a deal with the island nation or risk deepening the ongoing crisis. Read all the Latest News , Trending News , Cricket News , Bollywood News , India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.

Tags
IMF Government Emergency economic reforms resignation Sri Lanka crisis President Gotabaya Rajapaksa Sri Lanka economic crisis sri lanka crisis explained bailout deal sri lanka crisis timeline sri lanka crisis latest update
End of Article
Latest News
Find us on YouTube
Subscribe
End of Article

Impact Shorts

‘The cries of this widow will echo’: In first public remarks, Erika Kirk warns Charlie’s killers they’ve ‘unleashed a fire’

‘The cries of this widow will echo’: In first public remarks, Erika Kirk warns Charlie’s killers they’ve ‘unleashed a fire’

Erika Kirk delivered an emotional speech from her late husband's studio, addressing President Trump directly. She urged people to join a church and keep Charlie Kirk's mission alive, despite technical interruptions. Erika vowed to continue Charlie's campus tours and podcast, promising his mission will not end.

More Impact Shorts

Top Stories

Russian drones over Poland: Trump’s tepid reaction a wake-up call for Nato?

Russian drones over Poland: Trump’s tepid reaction a wake-up call for Nato?

As Russia pushes east, Ukraine faces mounting pressure to defend its heartland

As Russia pushes east, Ukraine faces mounting pressure to defend its heartland

Why Mossad was not on board with Israel’s strike on Hamas in Qatar

Why Mossad was not on board with Israel’s strike on Hamas in Qatar

Turkey: Erdogan's police arrest opposition mayor Hasan Mutlu, dozens officials in corruption probe

Turkey: Erdogan's police arrest opposition mayor Hasan Mutlu, dozens officials in corruption probe

Russian drones over Poland: Trump’s tepid reaction a wake-up call for Nato?

Russian drones over Poland: Trump’s tepid reaction a wake-up call for Nato?

As Russia pushes east, Ukraine faces mounting pressure to defend its heartland

As Russia pushes east, Ukraine faces mounting pressure to defend its heartland

Why Mossad was not on board with Israel’s strike on Hamas in Qatar

Why Mossad was not on board with Israel’s strike on Hamas in Qatar

Turkey: Erdogan's police arrest opposition mayor Hasan Mutlu, dozens officials in corruption probe

Turkey: Erdogan's police arrest opposition mayor Hasan Mutlu, dozens officials in corruption probe

Top Shows

Vantage Firstpost America Firstpost Africa First Sports

QUICK LINKS

  • Trump-Zelenskyy meeting
Latest News About Firstpost
Most Searched Categories
  • Web Stories
  • World
  • India
  • Explainers
  • Opinion
  • Sports
  • Cricket
  • Tech/Auto
  • Entertainment
  • IPL 2025
NETWORK18 SITES
  • News18
  • Money Control
  • CNBC TV18
  • Forbes India
  • Advertise with us
  • Sitemap
Firstpost Logo

is on YouTube

Subscribe Now

Copyright @ 2024. Firstpost - All Rights Reserved

About Us Contact Us Privacy Policy Cookie Policy Terms Of Use
Home Video Shorts Live TV