Homevideos Newsworld News

Sri Lanka must figure out ways to restructure debt to emerge out of crisis, says expert

videos | IST

Sri Lanka must figure out ways to restructure debt to emerge out of crisis, says expert

Mini

Long queues outside fuel stations, upto 12 hours of power cuts, crippling shortage of food essentials, protests on the streets against the government - Sri Lanka currently is in the midst of an economic crisis with the ongoing hardships snowballing into an outrage against President Gotabaya Rajapaksha. To discuss the Sri Lankan crisis, CNBC-TV18 spoke to Harsha De Silva, Opposition MP of Sri Lanka and Umesh Moramudali, from University of Colombo.

Long queues outside fuel stations, upto 12 hours of power cuts, crippling shortage of food essentials, protests on the streets against the government - Sri Lanka currently is in the midst of an economic crisis with the ongoing hardships snowballing into an outrage against President Gotabaya Rajapaksha.
The island nation is currently struggling to pay for imports of fuel and other goods due to a scarcity of foreign exchange.
Gotabaya Rajapaksa invited the opposition to join a unity government to defuse the crisis - all 26 ministers in the Sri Lankan cabinet except President Gotabaya and his elder brother Prime Minister Mahinda Rajapaksa submitted letters of resignation at a late-night meeting yesterday.
The President's media office said that 4 ministers have been appointed to ensure that parliament and other tasks can be conducted until a full cabinet can be sworn in. The President also sacked finance minister Basil Rajapaksa, who is also his brother in an attempt to silence the criticism. The opposition has however slammed the new cabinet as old wine in a new bottle.
To discuss the Sri Lankan crisis, CNBC-TV18 spoke to Harsha De Silva, Opposition MP of Sri Lanka and Umesh Moramudali, from University of Colombo.
Watch video for more.
next story

Market Movers

Currency

CompanyPriceChng%Chng