fbpx
  • About us
  • Advertise
  • Contact
  • Nominate
  • Client’s Voice
  • Login
  • Register
📖 Magazine
The Global Economics
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
  • Home
  • Banking
  • Non Banking
  • Markets
  • Infrastructure
  • Lifestyle
  • FeatureNew
  • Awards
No Result
View All Result
The Global Economics
No Result
View All Result
Home Top Stories

First fatality of Sri Lankan protests in 2022

Clashes in Sri Lanka turn violent, leaving hundreds injured

Sunil Bolar by Sunil Bolar
April 21, 2022
in Top Stories
Reading Time: 3 mins read
0
First fatality of Sri Lankan protests in 2022

First fatality of Sri Lankan protests in 2022

63
SHARES
351
VIEWS
FacebookTwitterRedditWhatsAppLinkedInShare Link

The first fatality of  Sri Lankan protests  happened on Tuesday.

Sri Lanka has been at the centre of violent protests between civilians and the police, ever since the country’s economy toppled.

Steeply rising prices, soaring inflation, massive power cuts, acute shortage of fuel are just some of the issues that the common man in the nation has been facing for the last several months.

On Tuesday, while civilians had blocked entry to a fuel station, police opened fire on the protestors, causing the country’s first casualty since the protests against the current government first began.

The 41 year-old victim, a father of two, was waiting outside a petrol bunk in Rambukkana, when people, angered by long queues for petrol, clashed with the police.

The victim suffered a gunshot wound, and was wheeled into the emergency unit of Kegalle Teaching hospital in Sri Lanka, where he later succumbed to his injuries.

This was the first fatality since the protests began two months ago, and many say that this signals the direction that the crisis will take.

The island nation has been facing an unprecedented economic crisis, and the resultant loss of life is proving to be greater than during the Covid-19 pandemic. Angry protestors demanding the resignation of President Gotabaya Rajapaksa, have been clashing violently with police in the country, leaving hundreds injured.

While many people are aware that Sri Lanka is facing an unprecedented economic crisis, not many are aware of why, or even how, the crisis began.

The Sri Lankan crisis

There were three main causes for the crisis in Sri Lanka – Lack of Federal Reserves, Sudden switch to Organic Farming, and Tourism decline due to volatility in the country.

Just prior to the crisis, Sri Lanka had almost USD2 million in Federal Reserves, but owed a massive USD4 Billion in debt. The government also steeply devalued the Sri Lankan currency just before talks began with the International Monetary Fund for a bailout loan. This caused prices of daily essentials to skyrocket, leading to spiralling inflation. The common man in Sri Lanka was most affected by this, and started resorting to large-scale protests across the country.

Until the middle of 2021, Sri Lanka was importing chemical fertilisers worth almost USD400 million annually. In a two-pronged effort to save money, and at the same time, go green, the Sri Lankan government banned the use of chemical fertilisers with immediate effect. This had a drastic effect on agriculture, a mainstay of Sri Lanka’s economy. The rice crop yield dropped by over 50 percent, and prices of essentials like milk powder became astronomical and out of reach of the common man.

Fuel shortages became even more acute, leading to massive power cuts in the country.

In retaliation, and in an intense effort to force the President of the country to step down, Sri Lankans have been clashing with police. While most of the protests have been peaceful, many have been injured when police resorted to firing and teargas to disperse the crowds. The firing on Tuesday’s protestors came at the expense of an innocent man’s life.

Tourism, which until two years ago was at the forefront of Sri Lanka, and accounted for almost 12 percent of the country’s GDP, came to a halt as the nation was gripped by the Covid-19 pandemic. This had a ripple effect on the economy, and many small businesses were forced to close down. When the effects of the pandemic were subsiding, tourism suffered another blow due to terror attacks in the country, including bomb blasts in a church.

Many of the protesting Sri Lankans were demanding the resignation of the President and Prime Minister, alleging mishandling of the crisis, and the country as a whole. 

Via: short URL
Tags: economyinflationSrilanka Financial Crisis
Sunil Bolar

Sunil Bolar

Sunil is a creative person who combines his love for writing with tech and business.

Related Posts

Sri Lanka: IMF approves $3 billion bailout for a crisis-stricken economy
Economy

Sri Lanka: IMF approves $3 billion bailout for a crisis-stricken economy

by Riya Thomas
March 21, 2023
First Republic Shares Plummet Amid Liquidity Fears
Banking

First Republic Shares Plummet Amid Liquidity Fears

by Anuj Singh
March 21, 2023
Amazon Announces Second Round of Layoffs, 9000 Roles to be Terminated
Technology

Amazon Announces Second Round of Layoffs, 9000 Roles to be Terminated

by Rahil Adnan
March 21, 2023
Saudi Real Estate Refinance Company (SRC) mulls its largest refining deal worth $1.3bn with Alrajhi
Islamic

Saudi Real Estate Refinance Company (SRC) mulls its largest refining deal worth $1.3bn with Alrajhi

by Riya Thomas
March 20, 2023
$17 Billion Debt Deemed Worthless by Credit Suisse, Leaves Bondholders Indignant
Commercial

$17 Billion Debt Deemed Worthless by Credit Suisse, Leaves Bondholders Indignant 

by Rahil Adnan
March 20, 2023
Previous
Next
Facebook Twitter Instagram Youtube LinkedIn Soundcloud
The Global Economics

The Global Economics Limited is a UK based financial publication and a quarterly business magazine giving thoughtful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

DMCA.com Protection Status

  • Privacy
  • Legal
  • Terms of Use
  • Client’s Voice
  • Server Status

norton verified - the global economics

Latest Posts

First Republic Shares Plummet Amid Liquidity Fears

First Republic Shares Plummet Amid Liquidity Fears

March 21, 2023
Sri Lanka: IMF approves $3 billion bailout for a crisis-stricken economy

Sri Lanka: IMF approves $3 billion bailout for a crisis-stricken economy

March 21, 2023
Amazon Announces Second Round of Layoffs, 9000 Roles to be Terminated

Amazon Announces Second Round of Layoffs, 9000 Roles to be Terminated

March 21, 2023
Download The Global Economics PWA to your mobile or Desktop
PWA App Download
Download The Global Economics Android App to your mobile or Desktop
Android App
Download The Global Economics IOS App to your mobile or Desktop
IOS App

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

No Result
View All Result
  • About us
  • Awards
  • Magazine
  • Client’s Voice
  • Exclusive Coverage
  • Nominate
  • Login
  • Sign Up

All Rights Reserved © 2020 | 🇬🇧 The Global Economics, Business Finance Publication - www.theglobaleconomics.uk 🌏

Welcome Back!

Sign In with Facebook
Sign In with Linked In
OR

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Sign Up with Facebook
Sign Up with Linked In
OR

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00
Go to mobile version