How Economic Ruin Led Thousands To Storm President’s House (In Photos)

Sri Lanka long had a stable economy with a growing middle class but conditions quickly deteriorated this year—and Sri Lankans are pointing the finger at what they say are corrupt leaders who wasted the country’s wealth.

The country’s economy is a disaster by any definition: the Sri Lankan rupee has lost more than 80% of its value, food costs have skyrocketed by over 50% and tourism—one of the country’s main revenue sources—has significantly diminished due to the Covid-19 pandemic.

Sri Lanka shut off fuel sales to most residents last week over concerns it would run out of petroleum, becoming the first country to broadly restrict fuel sales since the oil crisis of the 1970s.

Sri Lanka also owes more than $50 billion in debts and has been unable to pay interest accrued on its loans.

The country is reportedly in negotiations with the International Monetary Fund for a $3 billion bailout package, but the deal is expected to come with many strings attached to ensure the money is not mishandled by politicians.

Prime Minister Ranil Wickremesinghe signaled Saturday he is willing to resign after serving less than two months in office, but President Gotabaya Rajapaksa has resisted calls to relinquish power.