Sri Lanka Crisis Highlights: Central bank governor says economy to contract by more than 6% in 2022

The resignation of Sri Lanka's president has been accepted, the crisis-hit country's parliamentary speaker announced Friday after the leader fled his country earlier this week, prompting relief among protesters camped outside his former offices. In the meantime, Prime Minister Ranil Wickremesinghe was sworn in as Sri Lanka's acting president, allowing the lawmakers to begin the process of electing a new president who can repair the island nation's bankrupt economy.

Sri Lanka's central bank governor says economy to contract by more than 6% in 2022

Sri Lanka's economy is likely to contract by more than 6% this year as political instability and social unrest affect discussions on financial relief with the IMF, the country's central bank governor toldThe Wall Street Journal in an interview. (Reuters)

Acting Prez Wickremesinghe implements urgent relief program

Acting Sri Lankan President Ranil Wickremesinghe has decided to implement an urgent relief program to provide fuel, gas and essential food items to public who're struggling due to economic pressure, following discussions with Ministers& MPs this morning: Sri Lankan PM Media Division (ANI)

Acting President Wickremesinghe said that the plan handed over by peaceful protesters has been recognised as a good plan & that he will inform the activists about the measures being taken to fight corruption: Sri Lankan Prime Minister's Media Division. (ANI)

We have to go for practices in Colombo & to different other places as club cricket season is going on but I have been standing in queue for fuel for the past 2 days. I got it filled for Rs 10,000 which will last another 2-3 days only: Chamika Karunaratne

India on Saturday assured Sri Lanka that it will continue to support democracy, stability and economic recovery in the country, which is at a crucial juncture, amid the unprecedented political crisis and economic turmoil.

The assurance was given to Parliament Speaker Mahinda Yapa Abeywardena by India's High Commissioner Gopal Baglay when he called on the Sri Lankan leader.

The meeting took place a day after Speaker Abeywardena accepted the resignation of President Gotabaya Rajapaksa.

Sri Lanka's ousted president did his "utmost" to avoid an economic catastrophe but the coronavirus pandemic derailed his efforts, he said in his resignation letter read out to parliament Saturday.

Gotabaya Rajapaksa's brief note, sent from the safety of a safe haven in Singapore, blamed Covid-19 for the financial meltdown that triggered months of protests, culminating in his humiliating escape abroad.

"I have contributed my utmost for the country and in the future too, I will contribute for the country," Rajapaksa said in the letter, read to MPs by parliament's Secretary-General Dhammika Dasanayake.

It was not clear whether he was signalling an intention to remain involved in politics from exile.

"It is a matter of personal satisfaction for me that I was able to protect our people from the pandemic despite the economic crisis we were already facing," Rajapaksa insisted.

Sri Lanka's acting President Ranil Wickremesinghe, main Opposition leader Sajith Premadasa are among the four leaders who have joined the race to become the country's next President

Sri Lanka's acting President Ranil Wickremesinghe, main Opposition leader Sajith Premadasa are among the four leaders who have joined the race to become the country's next President as the lawmakers met on Saturday to start the process of electing a new president to succeed Gotabaya Rajapaksa, who resigned after unprecedented protests against his government over the country's economic collapse.

Besides Wickremesinghe and Premadasa, Marxist JVP leader Anura Kumara Dissanayake and Dullas Alahapperuma, a breakaway SLPP candidate, are the other two leaders who have so far announced their candidacy to contest the July 20 vote in Parliament to succeed Rajapaksa for the rest of his term until November 2024 after he resigned on Thursday.

Sri Lanka's Parliament met in a brief special session on Saturday to announce the vacancy in the presidency following the resignation of Gotabaya Rajapaksa, who has fled the country after a popular uprising against him

Rajapaksa, who fled to the Maldives on Wednesday and then landed in Singapore on Thursday, formally resigned on Friday, capping off a chaotic 72 hours in the crisis-hit nation that saw protesters storm many iconic buildings, including the President and the Prime Minister's residences here.

During the 13-minute special session, Dhammika Dassanayake, Secretary General of Parliament, announced the vacancy for the post of president.

Former president Rajapaksa's resignation letter was read during the session.

“According to section 4 of the presidential elections (special provisions) Act No 2 of 1981 the parliament should be convened within three days after the vacancy occurs," Janakantha de Silva, Parliament’s director of communications, said earlier.

Former diplomats and academics here are of the view that it is within the rights of Sri Lanka's ex-president Gotabaya Rajapaksa to enter Singapore on a "private visit" after fleeing his country as he is a valid passport holder and not wanted for any crime

Rajapaksa, 73, landed in Singapore on Thursday from the Maldives where he had fled early Wednesday amidst unprecedented protests against his government for mishandling the economy that bankrupted the country.

Bilahari Kausikan, a former permanent secretary at the Ministry of Foreign Affairs (MFA), said many nationalities can enter Singapore for various periods of time, depending on the conditions of their visa.

"Any Sri Lankan citizen holding a valid passport can come to Singapore for a certain period of time without having to seek any particular permission... he's a normal person, a president is a citizen of his country," the TODAY quoted Kausikan as saying.

Sri Lanka to elect next President through secret vote

For the first time since 1978,SriLankawill elect the crisis-hit country's next president through a secret vote by the MPs and not through a popular mandate, following the resignation of Gotabaya Rajapaksa who was ousted by a popular uprising against him.

Presidential candidate Sajith Premadasa vows to listen to Sri Lankans

SriLanka's opposition leader, who is seeking the presidency next week, vowed Friday to "listen to the people" who are struggling through the island nation's worst economic crisis and to hold accountable the president who fled under pressure from protesters.

In an interview with The Associated Press from his office in the capital, Sajith Premadasa said that if he wins the election in parliament, he would ensure that "an elective dictatorship never, ever occurs" inSriLanka.

Sri Lanka's ruling party to nominate interim President for presidency

SriLanka's ruling party has said they would nominate interim President Ranil Wickremesinghe to the presidency when the Parliament elects a new President on July 20.

SriLankaPodujana Peramuna (SLPP) General Secretary, Sagara Kariyawasam said on Friday in a statement that the SLPP would nominate Wickremesinghe and support him in the vote.