On the morning of July 11, local time, Sri Lankan President Rajapaksa officially announced his resignation. As of the 11th, the exchange rate of the US dollar against the Sri Lankan rupee reached 1 to 363.93, which has fallen 44% from the exchange rate in early March this year.
Some were lounging on four-poster beds that once belonged to the president and his close relatives, while others were experimenting with exercise equipment the president used. This is the scene that can be seen everywhere in the Sri Lankan Presidential Residence on July 10, local time. The day before, protesters stormed President Gotabaya Rajapaksa’s official residence in the capital Colombo, forcing him to announce his resignation amid massive protests triggered by the economic crisis.
The global new crown epidemic has hit the Indian Ocean island nation heavily dependent on tourism. Amid record inflation, currency devaluation, rolling blackouts and chronic fuel shortages, Sri Lanka’s economy has come to a standstill, leaving many people struggling to make ends meet. This is the worst economic crisis Sri Lanka has experienced in 70 years, with severe foreign exchange shortages hindering imports of essential goods such as energy, food and medicines.
There are fears that the political crisis could worsen the economic crisis. The Sri Lankan government had previously held talks with the International Monetary Fund to seek $3 billion in bailout funds, but recent unrest may complicate the talks.
Sri Lanka’s president announced his resignation and the people “occupied” the presidential residence. Click on the video to see what it is!