Thursday, Oct 5, 2023
English News
  • Hyderabad
  • Telangana
  • AP News
  • India
  • World
  • Entertainment
  • Science and Tech
  • Sport
  • Business
  • Rewind
  • ...
    • NRI
    • View Point
    • cartoon
    • Columns
    • Education Today
    • Reviews
    • Property
    • Videos
    • Lifestyle
E-Paper
  • NRI
  • View Point
  • cartoon
  • Columns
  • Reviews
  • Education Today
  • Property
  • Videos
  • Lifestyle
Home | Editorials | Editorial Island Of Sorrow

Editorial: Island of sorrow

Newly elected Sri Lankan President Ranil Wickremesinghe has an unenviable task on hand as the island nation is gripped by an unprecedented economic crisis and social unrest. The immediate challenge is that Wickremesinghe himself is largely seen as part of the problematic political establishment led by the discredited Rajapaksa family. The tiny nation of 22 […]

By Telangana Today
Published Date - 12:30 AM, Fri - 22 July 22
Editorial: Island of sorrow
whatsapp facebook twitter telegram

Newly elected Sri Lankan President Ranil Wickremesinghe has an unenviable task on hand as the island nation is gripped by an unprecedented economic crisis and social unrest. The immediate challenge is that Wickremesinghe himself is largely seen as part of the problematic political establishment led by the discredited Rajapaksa family. The tiny nation of 22 million people is in the grip of a spontaneous mass uprising against the family responsible for economic collapse, marked by shortages of food, fuel and medicines for months. International aid agencies have said that nearly 7 million Sri Lankans, or one-third of its population, are facing hunger as food supplies have run out, or are out of reach of most. The protestors had stormed the presidential palace early this month, forcing then President Gotabaya Rajapaksa to flee the country. The social turmoil shows no signs of abating as protestors gathered outside the Presidential Secretariat in Colombo soon after Parliament elected Wickremesinghe, a six-time prime minister, as the new President. Wickremesinghe, who was also Rajapaksa’s finance minister and became acting president after he fled following a popular uprising, can now appoint a new prime minister. He is widely accused of protecting the embattled Rajapaksa family and during demonstrations last week, crowds set his personal residence on fire and occupied his office. Given the kind of crisis it is facing, Sri Lanka won”t be able to eliminate the abuse of power and corruption that landed the nation in such dire straits without a complete overhaul of the political system. Despite the dramatic circumstances, the political class has not risen to the challenge.

Industrial production has plummeted, export earnings have dried up and government coffers are empty. The country is bankrupt and has nearly exhausted its already scarce supplies of fuel and is unable to buy the goods it needs from abroad. In May, it failed to make an interest payment on its foreign debt for the first time in its history. The island nation has already started talks with the International Monetary Fund (IMF) over a bailout and needs to renegotiate its debt agreements with creditors. This is one of the key challenges facing Wickremesinghe. Colombo’s crisis has been in the making for more than a decade, due to the country’s excessive dependence on imports and borrowings for a raft of massive infrastructure projects. It highlights how unbridled borrowing for big-ticket infra projects such as those under China’s Belt and Road Initiative (BRI) can lead to terrible complications. The government’s ill-advised switch to organic agriculture and badly-timed tax cuts squeezed revenues while pandemic has dealt a deadly blow to tourism revenues and foreign remittances. Being a friendly neighbour with a common bond of democracy, India needs to be supportive of the Sri Lankan people’s quest for stability and economic recovery through democratic means.

Telangana Today Whatsapp
  • Follow Us :
  • Tags
  • China
  • Gotabaya Rajapaksa
  • Ranil Wickremesinghe
  • Sri Lanka

Related News

  • China stalling IMF relief for debt grip Sri Lanka: Report

    China stalling IMF relief for debt grip Sri Lanka: Report

  • Asian Games: India wins in men’s team bridge semifinal session 1

    Asian Games: India wins in men’s team bridge semifinal session 1

  • SC refuses to entertain plea seeking direction to declare ‘Ram Sethu’ as national monument

    SC refuses to entertain plea seeking direction to declare ‘Ram Sethu’ as national monument

  • Protest rallies held in Bangladesh, demand justice for Uyghur Muslims

    Protest rallies held in Bangladesh, demand justice for Uyghur Muslims

  • Badminton: India wins silver in men’s team event

    Badminton: India wins silver in men’s team event

  • Asian Games: India fires 10 goals past hapless Pak, storm into semi-final

    Asian Games: India fires 10 goals past hapless Pak, storm into semi-final

Latest News

  • Editorial: Muzzling the media

    6 hours ago
  • UAE President confers First Class Medal of Independence on Ambassador of Mozambique

    6 hours ago
  • Couple found dead in Meerut hotel

    6 hours ago
  • Delhi govt earns excise revenue of over Rs 3,500 crore in first half of FY 2023-24

    6 hours ago
  • Opinion: Revitalising Make in India

    6 hours ago
  • Man detained over ‘objectionable’ social media post

    6 hours ago
  • New monograph pays homage to iconic writer RK Narayan

    6 hours ago
  • Kerala HC allows leave to life convict to undergo IVF treatment

    6 hours ago

company

  • Home
  • About Us
  • Contact Us

business

  • Subscribe

telangana today

  • Telangana
  • Hyderabad
  • Latest News
  • Entertainment
  • World
  • Andhra Pradesh
  • Science & Tech
  • Sport

follow us

© Copyrights 2022 TELANGANA PUBLICATIONS PVT. LTD. All rights reserved. Powered by Veegam