Sri Lanka Protesters Occupy Presidential Office Entrance for Second Day... "Resign"

[Image source=AP Yonhap News]

[Asia Economy Reporter Kim Hyunjung] Sri Lankan protesters occupied the entrance of the presidential office for the second day, demanding that President Gotabaya Rajapaksa take responsibility for the worst economic crisis and resign.

On the 10th (local time), Bloomberg reported that hundreds of protesters endured heavy rain over the weekend with raincoats and umbrellas while chanting anti-government slogans. Some of them are calling for a young new leadership and demanding the dissolution of the entire parliament. Supporters distributed food, water, and raincoats to the protesters to support the demonstration.

On the brink of bankruptcy, Sri Lanka faces $25 billion (approximately 30.7725 trillion KRW) in foreign debt and rapidly declining foreign exchange reserves. With a high dependence on tourism, the economy was hit by the 2019 Easter bombings, the COVID-19 pandemic, and the Ukraine war. As of the end of last month, the Sri Lankan government's foreign exchange reserves amounted to only $1.93 billion. Talks with the International Monetary Fund (IMF) are expected to take place at the end of this month, and the government is turning to China and India for emergency loans to purchase food and fuel.

[Image source=EPA Yonhap News]

For months, Sri Lanka has suffered shortages of fuel, cooking gas, food, and medicine. Due to fuel shortages causing frequent power outages, anger toward the Rajapaksa family, which has ruled for the past 20 years, began to surface.

Some criticize Sri Lanka for borrowing too much money from China to finance unprofitable projects.

Due to the protesters' demands, the Sri Lankan cabinet was partially reshuffled, but most positions remain vacant. President Rajapaksa has repeatedly stated that he will not resign.

President Rajapaksa proposed forming a unity government, but the main opposition party rejected it, leading to a deadlock.