Market Updates

Protesters Storm President's House In Colombo With Deepening Economic Crisis

Anand Sheth
09 Jul, 2022
New York City

    With the economic crisis deepening, thousands of protesters took to the streets of Colombo. 

    Protesters stormed the president's official residence demanding his resignation and shouting slogans. 

    Video broadcasts on Sri Lankan television show dramatic scenes of thousands of protesters inside the official residence. 

    Thousands of protesters broke through police barricades and took over the president's residence shouting anti-Rajapaksa family slogans, hanging banners, rummaging through the kitchen, and jumping into the outdoor swimming pool. 

    At least 120,000 people gathered outside the president's palatial estate demanding for his resignation, according to Colombo police sources.  

    Last night, President Gotabaya Rajapaksa was flown to a secure and unknown location under military protection. 

    Angry protesters chanting slogans and carrying Sri Lankan flags also took over the president's office located in Galle Face Colombo. 

    Sri Lankan economy has completely collapsed and the caretaker government is battling financial, economic and food crises, all at once. 

    All fuel sales are rationed, hospitals are operating only for emergency needs, and schools have not operated on a regular schedule for more than four months. 

    At least 31 people have been injured in Saturday's protests in Colombo, according to the National Hospital of Sri Lanka.  

    The Sri Lankan rupee dropped to a new low 362.84 against one U.S. dollar, at Friday's close. 

    Prime minister Wickremesinghe agreed to resign after an all party meeting held by the speaker of the national assembly of lawmakers.  

    "To ensure the continuation of the Government including the safety of all citizens I accept the best recommendation of the Party Leaders today, to make way for an All-Party Government," Ranil Wickremesinghe wrote on Twitter.  

    "To facilitate this I will resign as Prime Minister." 

    President Rajapaksa has still not announced his resignation, a decision widely anticipated by lawmakers. 

    The Bar Association of Sri Lanka urged the president to consider resigning in light of the recent protests and pave the way for an all-party government to ensure political stability of the nation. 

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