Sri Lanka crisis: President Rajapaksa to resign on 13 July, IMF says 'closely monitoring' developments; 10 updates

Sri Lanka crisis: As the protesters in the island nation, Sri Lanka, continue to carry out anti-government protests, President Gotabaya Rajapaksa announced that he will resign from the post on Wednesday.

Agitators continue to occupy the residences of Gotabaya Rajapaksa and his brother and Sri Lankan Prime Minister Ranil Wickremesingh.

Here are 10 developments on Sri Lanka crisis

1 - Speaker of the Sri Lankan parliament Mahinda Yapa Abeywardena late on Saturday night announced that
President Gotabya Rajapaksa would resign on 13 July. PM Wickremesinghe has already expressed his willingness to resign amidst the worst economic and political crisis in the country

2 - The Speaker would become the acting President in the absence of both the President and the Prime Minister

3 - Hours after the President's announcement of stepping down, Sri Lankan Army chief General Shavendra Silva on Sunday said that an opportunity to resolve the current political crisis in a peaceful manner is now available and sought the people’s support to maintain peace in the country

4 - The United States on Sunday urged Sri Lanka’s political fraternity to come forward and work quickly to achieve long-term economic and political solutions to address the people’s discontent

5 - "We urge this government or any new, constitutionally selected government to work quickly to identify and implement solutions that will achieve long-term economic stability and address the Sri Lankan people’s discontent over the worsening economic conditions, including power, food and fuel shortages," a US State Department spokesperson said

6 - The IMF on Sunday said that it was closely monitoring the ongoing developments in Sri Lanka and hoped that the political crisis will be resolved soon to allow for the resumption of dialogue on an IMF-supported programme in the country

7 - President Gotabaya Rajapaksa on Saturday fled from his official residence in Colombo amid escalating protests. He is said to be onboard a naval ship, SLNS Gajabahu. A Sri Lankan naval official said the President will stay out in the sea until it’s safe for him to return to the mainland

8 - On Saturday, protesters were seen taking dips in the swimming pool, working out at the presidential gym, and enjoying the luxuries reserved for the President and his family in Sri Lanka

9 - The Colombo national hospital said 102 people had been admitted with injuries. Among them are 11 media personnel. The police's special task force was accused of brutally assaulting two television journalists at the prime minister’s private residence protest

10 - The Rajapaksa brothers - Mahinda and Gotabaya - were hailed by many in Sri Lanka as heroes for winning the civil war against the LTTE but they are now blamed for the country’s worst economic crisis.

A country of 22 million people, Sri Lanka, is under the grip of an unprecedented economic turmoil. The island nation is crippled by an acute shortage of foreign exchange that has left it struggling to pay for essential imports of fuel, and other essentials.

It is also witnessing an acute foreign currency crisis resulting in foreign debt default. In April, Sri Lanka had announced that it is suspending nearly USD 7 billion foreign debt repayment due for this year out of about USD 25 billion due through 2026.

The country's total foreign debt stands at whopping USD 51 billion.

With inputs from agencies

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