Upheaval and political revolt in Sri Lanka.

Sri Lankan President Gotabaya Rajapakse has said he will resign in the coming days after protestors stormed his residence and forced him to escape offshore in a naval ship. His announcement came after hundreds of thousand people demonstrated in Colombo, capping months of protests by people desperate and irate at the nation's dire straits.

How serious is this?

The currency has collapsed by 80%, making imports more expensive and worsening inflation that is already out of control, with food costs rising 57%.

Even with help from India and others, in April, the country defaulted on its $51 billion foreign debt pile and has been in bailout talks with the IMF for many months.

Effects on residents

The UN World Food Program says nearly nine out of ten families are skipping meals or otherwise skimping to stretch out their food.

Fuel stations have run out of petrol  and diesel despite pleas to Russia and others for discounted oil.

Why is the economy in bad shape?

In 2019, Easter suicide bombings at churcges and hotels devastated tourism, a key source of foreign exchange.

The government needed to boost its revenues as foreign debt soared but Rajapakse pushed through the largest tax cuts in the nation.

Ukraine war pushed prices of food and oil higher, inflation was 40%. Food prices went up by 60%.

Sri Lanka banned imports of chemical fertilisers. The push for organic farming caught farmers by surprise and decimated staple rice crops.

What is the government doing? 

Sri Lanka has sought more help from China. Nations like the US, Japan and Australia have also provided financial help.

To counter Sri Lanka's fuel shortage, Wicremesinghe  said that he would consider buying  more steeply discounted oil from Russia.

What now? 

According to the speaker of the parliament, Gotabaya will formally resign on Wednesday to ensure a peaceful transition.

A successor must be chosen through a vote in parliament within a month of Rajapakse leaving. The Speaker promised a new leader within a week.

Courtesy. The NIE

My take

Why wait for long periods for urgent transitions? The political parties must sit together, thrash out their differences and implement corrective steps beginning tomorrow and put regulations on track which will reverse trends and take the country to progress. It has to be done on a daily basis, while ensuring that every citizen is able to live, though on a tighter regime, for starters. Sacrifices will be needed from each and every citizen, till the country gets back to even keel.

Tailpiece.

Lekha woke me up at 4, the chores and we were ready to leave by 6 but our sa'arthi was delayed and we'd finally kicked off at a 20' past 6. It was through heavy rain, uncouth traffic and bad roads. We took the Moonnupeedika - Kaladi route, had breakfast at the Ananda Bhavan there and pressed on; reached the clinic an hour and a half late!

The toothy set things right for Lekha's upper dental furniture and we set off on our return after lunch at the canteen of the clinic. Will have to frequent him for the next 21/2 months to complete this procedure.

Dropped in at my cousin's office, exchanged notes and resumed our return journey.

Reached home by a half past 6, the maid was leaving after finishing her work and Rejith had come by to finish the curtain work.