Sri Lankan students mob PM’s home over economic crisis

COLOMBO: Thousands of Sri Lankan university students mobbed Prime Minister Mahinda Rajapaksa's home on Sunday demanding his resignation over the island nation's worsening economic crisis.

Months of lengthy blackouts, record inflation and acute food and fuel shortages have sparked increasing public discontent in Sri Lanka, which is dealing with its worst economic downturn since independence in 1948.

Sunday's protest saw student leaders scale the fence of Rajapaksa's compound in Colombo after police erected barricades on various roads around the capital to stop them from linking up with demonstrators elsewhere. "You can block the road, but can't stop our struggle until the entire government goes home," one unidentified student leader said while standing on top of the walls.

Facing off against rows of police holding riot shields, protesters tried to pull down the barricades preventing them from entering the residence. Some carried signs that said "Go Home Gota" -- the nickname for President Gotabaya Rajapaksa, who is Mahinda's younger brother -- while others wore the Guy Fawkes mask that have become synonymous with anti-establishment movements.

Police said Mahinda Rajapaksa, the head of Sri Lanka's ruling clan, was not on the premises at the time and the crowd left peacefully.

For more than two weeks, thousands of protesters have been camped daily outside the seafront office of President Gotabaya Rajapaksa, demanding for him and his brother to step down. Nationwide demonstrations have seen crowds attempt to storm the homes and offices of government figures.

This week a man was shot dead when police fired on a road blockade in the central town of Rambukkana -- the first fatality since protests last month. Sri Lanka's economic collapse began to be felt after the coronavirus pandemic torpedoed vital revenue from tourism and remittances. The country is unable to finance essential imports, which has left rice, milk powder, sugar, wheat flour, and pharmaceuticals in short supply, while runaway inflation has worsened hardships.

Utilities unable to pay for fuel have imposed long daily blackouts to ration power, while long lines snake around service stations each morning as people queue for scant supplies of petrol and kerosene.

Meanwhile, the International Monetary Fund (IMF) on Saturday assured to help Sri Lanka with an amount of $300 million to $600 million to purchase medicine and essentials, reported foreign media. According to IMF, the island nation will receive a hefty amount from the World Bank over the next four months.

The major development came after the delegation of Sri Lankan ministers held negotiations with the international financial institution during the 2022 IMF and World Bank Spring Meetings in Washington, DC. According to the statement released by the IMF, the Sri Lankan government will spend the sanctioned amount on the purchase of medicines and other essential items.

"During April 18-22, the Sri Lankan delegation and the IMF team had fruitful technical discussions on the authorities' request for an IMF-supported programme," the IMF said in a statement.

"The discussions covered recent economic and financial developments in Sri Lanka, the need for implementing a credible and coherent strategy to restore macroeconomic stability, and the importance of stronger social safety nets to mitigate the adverse impact of the current economic crisis on the poor and vulnerable," added the statement.

In order to avert the current crisis, the country's Finance Minister Ali Sabri, during a video conference on Saturday, said the Sri Lankan delegation had held a "fruitful meeting" with IMF Managing Director Kristalina Georgieva and the World Bank.

According to Sabri, Sri Lanka had knocked on the doors of India and China for help and added New Delhi has assured to provide $500 million in order to purchase fuel. Besides, he also affirmed that the country has been negotiating for an additional amount of $1 billion from New Delhi.