COLOMBO: Sri Lankans shared milk rice and oil cakes to celebrate their traditional new year on Thursday opposite the president’s office, where they camped out for a sixth day demanding his resignation over the worst economic crisis in memory.
Soldiers who were disabled in the island nation’s civil war lit a hearth, Buddhist monks chanted religious verses and others set off firecrackers amid chants of: “Victory to the people’s struggle!”
Protesters are occupying the entrance and surroundings of President Gotabaya Rajapaksa’s office, holding him responsible for the economic situation. They also are calling for his powerful family to leave power, accusing them of corruption and misrule.
“Other days our children go to their grandparents to celebrate the new year, but today we brought them here to show them the real situation in the country,” said Dilani Niranjala, who attended the protest with her husband and two sons aged 10 and 8.
“We don’t want to lie to them about what’s going on in the country and go to our village to celebrate the new year. From their younger days, they should see the truth and live with the truth,” she added.
Niranjala’s husband, Usitha Gamage, who works as a taxi driver, said he had been discouraged watching the news every morning about skyrocketing living costs.
“I am so happy that this struggle is taking place and it gives me new hope and energy,” he said.
“The New Year — after we chase them out — is going to be great for us. This is what I have told my children,” he added.
Sri Lankans in recent months has endured fuel and food shortages and daily power outages. Most of those items are paid for in hard currency, but Sri Lanka is on the brink of bankruptcy, saddled with dwindling foreign reserves and $25 billion in foreign debt due for repayment over the next five years. Nearly $7 billion is due this year.
The government announced Tuesday that it is suspending repayments of foreign debt, including bonds and government-to-government borrowing, pending the completion of a loan restructuring program with the International Monetary Fund.
The president and his older brother, Prime Minister Mahinda Rajapaksa, continue to hold power, despite their politically powerful family being the focus of public ire. The Rajapaksas have refused to resign but the crisis and ongoing protests have prompted many Cabinet members to quit. Four ministers were sworn in as caretakers, but many key government portfolios are vacant.
Parliament has failed to reach a consensus on how to deal with the crisis after nearly 40 governing coalition lawmakers said they would no longer vote according to coalition instructions, significantly weakening the government.
But with opposition parties divided, they have been incapable of forming a majority to take control of Parliament.
Mahinda—the patriarch of the powerful Rajapaksa family omnipresent in Sri Lanka’s politics for two decades—said he needed more time to pull the nation out of the deep end.
“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.
While the coronavirus-spurred restrictions and stoppages have torpedoed Sri Lanka’s vital tourism-driven economy, experts say the crisis was exacerbated by government mismanagement, years of accumulated borrowing and ill-advised tax cuts.
The government is preparing for bailout negotiations with the International Monetary Fund this week, with finance ministry officials saying that sovereign bond-holders and other creditors may have to take a haircut.
Sri Lanka expects $3 billion from the IMF to support the island’s balance of payments in the next three years.
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