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Sri Lanka: President and His Prime Minister to resign over economic crises

A Country Call Sri Lanka: President and Prime Minister to resign over economic crises

A Country Call Sri Lanka’s president, Gotabaya Rajapaksa, and the prime minister, Ranil Wickremesinghe announced their resignations after protestors stormed their homes over the country’s deepening economic problems.

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The sovereign-debt crisis in Sri Lanka has wrecked the country’s economy and generated months of political uncertainty and popular unrest. With its foreign reserves at nil, the South Asian country defaulted in May and has struggled to obtain vital imports such as fuel and medicines.

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Latest News Sri Lanka: Protestors want the President and Prime Minister to resign

Months of anti-government protests took a dramatic turn on July 9, when police were unable to keep massive groups of protestors from storming and occupying President Gotabaya Rajapaksa’s and Prime Minister Ranil Wickremesinghe’s official houses.

Protesters also torch Mr. Wickremesinghe’s private residence. Both leaders announced their resignations, paving the way for an all-party administration tasked with restoring economic order, negotiating a debt restructuring with creditors, and advancing discussions with the International Monetary Fund for financial relief.

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