Explained : Restoration of trust will solve the Sri Lankan crisis
In Sri Lanka, people took to the streets in protest over the shortage of everyday items including petrol-diesel, and medicines. Common man sat on power establishments. People occupied the President's residence
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The impact of the global crisis of Corona did not diminish that the economic slowdown started to be heard due to the Russia-Ukraine war. Sri Lanka's political instability has worried the world, desperate to hear any good news from the battlefield amid Turkish mediation. Sri Lanka's crisis cannot be considered limited to the island country alone. This is exactly the same as the effect of the Greece crisis in 2008, or where any country is untouched by the energy crisis created by the Russia-Ukraine war. Obviously, the political instability of Sri Lanka will change the economic equations from Asia to European countries.
People protested in Sri Lanka
In Sri Lanka, people took to the streets in protest over the shortage of everyday items including petrol-diesel, and medicines. Common man sat on power establishments. People occupied the President's residence. The outrage grew so much that President Gotabaya Rajapaksa had to flee the country. Gotabaya Rajapaksa is the first President of Sri Lanka to step down before the end of his term. Prime Minister Dudley Senanayake had to step down after protests in 1953.
Ranil Wickremesinghe elected as the new President of Sri Lanka
Voting took place on 20 July for the new President of Sri Lanka. The public did not participate in this election, only the members of Parliament voted. Ranil Wickremesinghe has been elected the new President of Sri Lanka. Sri Lanka is going through the most serious political crisis since its independence from Britain in 1948. The reason for this crisis has been the economic crisis and the bankruptcy of the economy. To overcome the serious crisis of the foreign exchange fund, it urgently needs at least four billion dollars. The International Monetary Fund (IMF) has clearly stated that any kind of help is possible only when Sri Lanka achieves political stability.
Sri Lanka's economy collapsed
In the mistakes of the Sri Lankan government lies a lesson for it and for any other country in the world. For the strength of the economy, every country has to develop different sources of income. Tourism has been the biggest source of income for Sri Lanka for years. Currently, tourism contributes 12 percent to the GDP of Sri Lanka. Sri Lanka's economy collapsed after tourism activities came to a standstill during the Corona crisis. This applies only to Sri Lanka, it is not. On the economic front, Russia has made a similar mistake in the last few years. 40 percent of Russia's income depends only on oil and gas. This is the reason that economic sanctions imposed on Russia by European countries have affected its oil and gas projects. Just imagine, if Russia had not been helped on the export front of military equipment, what would have happened to it due to the economic sanctions imposed by the Western countries and the EU due to the war with Ukraine. That is, immediately after the formation of the new government, it will have to take steps to restore the confidence of the people.
Tourism industry in Sri Lanka badly affected
Without trust, neither economic activities can be accelerated nor the goals of political stability will be achieved. The new government will have to motivate people of Sri Lankan origin settled abroad to send money to the country. For this, the dollar rates fixed by the Central Bank will have to be rationalized. Attractive packages and rates can be offered in comparison to the tourism activities available in Indonesia and Thailand to give new height to tourism activities. All these measures will have to be done in parallel while accelerating long-term economic reforms.
Sri Lankan governments made frequent mistakes
Just after the last presidential election in Sri Lanka, President Gotabaya Rajapaksa gave a rebate of 600 billion rupees to industrialists close to him. If these corruption cases are investigated then a good message will be sent to the public. Sri Lanka has been repeating mistakes on the foreign policy front as well. The extent to which the Sri Lankan governments have made mistakes in recognizing their friends, it is known by looking at the placards waving in the hands of the people on the streets. The government of Sri Lanka may not have understood the hidden agenda of China, but the people there are openly telling India as a trusted friend. Rather, he himself has stood up against policies promoting China's interference. In fact, China continued to give loans to Sri Lanka for non-essential infrastructure projects, following the agenda of carrying out its expansionist policies. The Sri Lankan government continued to spend this loan without getting it in its luxury. Its result was according to the intention of China. Today China has occupied Hambantota and Colombo Ports.
China alone has a debt of 5 billion dollars on Sri Lanka
Behind this plight of Sri Lanka, the indifference of the outgoing government, corruption as well as the agenda of the dragon are no less responsible. China alone has a debt of $ 5 billion on Sri Lanka. The total debt limit has crossed the $50 billion mark. This year alone, it will have to repay a debt of $ 7 billion. On the one hand, China was continuously making him a debtor. On the other hand, India continued to help him to meet his basic needs. India has already given financial assistance of $ 3.5 billion to this country located in the Indian Ocean to get out of the economic crisis. From vaccine to fuel, India has been seen standing with Sri Lanka. The bilateral relations between the two countries have evolved from a shared cultural, linguistic and geographical heritage. It is another matter that ignoring this fact, the rulers there left no stone unturned to support the anti-China intentions of India.
Rajapaksa family made the problem more serious
In the end, future governments of Sri Lanka have to understand that familialism hollows out the democratic system. The country has been dominated by political families like Senanayake, Jayawardene and Bandaranaike for a long time. Meanwhile, the Rajapaksa family made the problem more serious. In the previous government, many members of the Rajapaksa family were honored with ministers and high positions. This discourse has been established in the country that one political family is involved in controlling not only the government but the entire system. That is, if Sri Lanka is to move towards political stability, then it will have to adopt those democratic values which have been part of its legacy, but the politics of familyism has given it up for its own interests.