Comment COLOMBO, Sri Lanka — Sri Lanka’s political parties met Sunday morning, facing intense pressure to quickly form an interim government after the country’s president and prime minister agreed to step down amid fierce anti-government protests. No new protests were reported in Colombo, but people flocked to the president’s home occupied by protesters the day before, picnicking in the gardens and swimming in the pool. Nuwan Bopege, a volunteer associated with the protest movement, told The Post that protesters will occupy the homes of the two leaders until they formally resign. Tens of thousands of people flooded the streets of Colombo this weekend to demand the ouster of President Gotabaya Rajapaksa over disastrous economic policies that have led the country to collapse. On Saturday, Enraged mobs stormed the presidential residence and office and celebrated their victory by diving into the pool and lying on his bed. In the evening Rajapaksa had conveyed his decision to resign on July 13 to the speaker of parliament. He had left his home a day before the protests and his whereabouts remain unknown. Prime Minister Ranil Wickremesinghe also offered to resign to quell the growing unrest, but his offer did little to appease angry protesters who set fire to his home. The announcements of the resignation offers marked a major victory for the protesters, but plunged the island nation into political turmoil over what happens next. Sri Lanka’s president will resign next week, parliament speaker says, after protesters storm residence “He was a failed president and a failed government,” said Faizer Mustafa, a member of an opposition party formerly allied with Rajapaksa. He said the long-suffering people of the country had taken control. “It was the power of the people on the show,” he said. “It is a historic moment,” said Harini Amarasuriya, an opposition member of parliament, “where the struggle of a true citizen ended the rule of an unpopular and untrustworthy government.” At an all-party meeting on Saturday night, lawmakers decided to form an interim government until elections could be held. Discussions are underway to appoint a prime minister ahead of the president’s resignation on Wednesday. “We can now move on to a more acceptable long-term trajectory for the country and the international community,” said Eran Wickremeratne, leader of the main opposition party. The Senate Foreign Relations Committee, in a tweet, said President Rajapaksa has lost the trust of the Sri Lankan people. “Now, all parties must work with the international community for a new government that will respect democratic and economic aspirations and uphold the human rights the Sri Lankan people deserve,” the tweet said. What to know about the unrest in Sri Lanka The European Union in a statement urged political parties to “focus on a peaceful, democratic and orderly transition” to return to normalcy. Even as the opposition tries to build consensus on next steps, the situation remains volatile as citizens’ patience has run out and there are no quick fixes. In May, similar large-scale protests led to the resignation of Rajapaksa’s elder brother Mahinda as prime minister and other family members. But the president persisted, appointing a former prime minister to lead a new government. Anger over the ongoing economic woes erupted again, this time with greater force. Recent weeks have been marked by severe fuel shortages, long-term power outages and soaring food prices. The state of emergency forced authorities to close schools and offices and ask government employees to grow food in backyards. Signs of acute distress are evident everywhere — in the mile-long queues at petrol stations, where it can take up to three days to reach the front, and in the desperate attempts of asylum seekers to reach Australia by sea. Far from Ukraine, Sri Lanka is at the center of a global crisis Experts say Sri Lanka is experiencing stagflation – a period characterized by slow growth and high unemployment accompanied by rising prices. Current negative growth could hit minus 4-6 percent later this year, according to some forecasts, worse than what Covid did to the economy in 2020. The Russian invasion of Ukraine that has sent global fuel and food prices soaring has aggravate the country’s woes. Sri Lanka is in bailout talks with international lenders, but ongoing political instability threatens to jeopardize that process. Manjuka Fernandopulle, a lawyer specializing in debt restructuring, said creditors would like to deal with a government that is “credible and legitimate” and can “deliver the reform it promised”. Local media reported that the International Monetary Fund said it hoped for an early resolution so that talks on a rescue package could resume. Ganeshan Wignaraja, an economist at ODI, a UK-based global affairs think tank who has been involved in the IMF discussions, described the economic situation as “hugely challenging”. The first step forward for Sri Lanka is the IMF program, Wignaraja said, which will include “higher taxes, raising interest rates to stabilize inflation and cutting public subsidies such as electricity and power.” “The second step is economic reforms [such as] lowering barriers to foreign investors,” he said. “My biggest fear is that it could be a lost decade and all the gains from poverty reduction could be reversed.” Aid groups say nearly a quarter of the country’s 22 million people need food aid. Many have resorted to eating less or skipping meals altogether. Countries such as India and Australia have sent humanitarian aid such as food and medicine. Now with the impending impeachment of the president, many Sri Lankans hope that things will change. Namal Ratnayake, 40, was part of the protesting crowd that marched on the president’s office. The last few months have been devastating for the wedding photographer, with income drying up and no fuel to work. “We had to kick out these corrupt people who have brought us to our knees,” Ratnayake said. “My demand is that honest and educated people be appointed from this parliament to get us out of this immediate mess.” At the presidential residence, the celebrations continued from the jubilant crowd. Footage from local media showed a stream of visitors walking through an imposing staircase at the president’s home. Announcements were made of no theft or damage to property. Some picked up trash and cleaned up the debris. In a large boardroom, people staged a debate with the IMF while a young man played the Rajapaksa campaign song on the president’s piano to loud cheers. President Gotabaya Rajapaksa’s campaign song “The hero that works” is played by protesters at the president’s office pic.twitter.com/w9KlF6feov — NewsWire 🇱🇰 (@NewsWireLK) July 10, 2022 Masih reported from New Delhi.
